KB Kookmin Card and American Express today announced that KB Kookmin Card will become an issuer of American Express-branded cards in Korea. KB Kookmin Card will issue super-premium cards that will target its high-net-worth customer base and offer a wide range of benefits and exclusive privileges both locally in Korea and abroad. Denominated in Korean won, the new American Express-branded cards will carry the American Express Blue Box logo and be accepted on the KB Kookmin Card network in Korea and on the American Express network globally.
This partnership brings together the strengths of two leading players in the credit card industry — KB Kookmin Card with its comprehensive, local marketing expertise and strong customer base in Korea and American Express with its well-established reputation as a leading, premium brand and its global merchant network. By partnering together, KB Kookmin Card and American Express expect to expand their presence among the growing number of affluent consumers in Korea.
Mr. Gi-Eui Choi, president of KB Kookmin Card, said, "Our partnership with American Express will allow us to accelerate the premiumization of our brand and product line. More importantly, we are confident that KB Kookmin Card will be able to provide our high-net-worth customers superior privileges and enhanced value."
"Korea is a dynamic market that presents many growth opportunities for American Express," said Kula Kulendran, executive vice president and head of American Express Global Network Services for Japan, Asia-Pacific and Australia. "We look forward to working with KB Kookmin Card to launch new, super-premium cards on the American Express network and drive future business growth for both of our companies in Korea."
KB Kookmin Card will be responsible for all operations supporting the issuance of the American Express-branded cards, including billing and payment systems, accounting, customer service, credit management and charge authorizations, as well as marketing the cards in Korea.
About KB Kookmin Card
KB Kookmin Card is a wholly owned subsidiary of KB Financial Group, one of the largest financial holding companies in Korea, and a sister company to KB Kookmin Bank, Korea's second largest bank with more than 1,300 branches and 20% of nationwide deposits and loans. KB Kookmin Card is currently the second largest card issuer in Korea with 14% market share and 20 million cards-in-force.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Since 1996, American Express has been pursuing a strategy of opening its merchant network and card product portfolio to third party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the brand, American Express has gained even broader reach for its network worldwide. American Express has now established over 130 partnerships in more than 130 markets around the world. Learn more at americanexpress.com/gns.