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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 16, 1995
AMERICAN EXPRESS COMPANY
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(Exact name of registrant as specified in its charter)
New York 1-7657 13-4922250
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification)
American Express Tower, World Financial Center
New York, New York 10285
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, (212) 640-2000
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
On October 16, 1995, American Express Company issued the following
press release:
NEW YORK, October 16, 1995 -- American Express Company said today
that it has ended discussions about a possible sale of American Express Bank,
a wholly owned subsidiary.
As previously announced, the Company had been reviewing a possible sale for
the past several months following approaches by a number of large U.S. and
foreign financial institutions who expressed an interest in acquiring the
Bank.
"We felt an obligation to take these inquiries seriously and to determine if
the initial expressions of interest represented an opportunity to realize
value for our shareholders. Based on our discussions with interested parties,
however, we have decided to discontinue the review because we believe the Bank
will create more long-term value as an ongoing part of the company operating
under the American Express brand than we would realize from a sale," said
Harvey Golub, Chairman and Chief Executive Officer of American Express
Company.
"While we were engaged in these discussions, the Bank was moving forward with
initiatives to improve its operating and financial performance and re-focus
resources on lines of business and markets where we can build a sustainable
competitive advantage," Golub said. "The Bank has made a great deal of
progress over the past few years. It has a stronger balance sheet, an
improved credit management process, stricter compliance programs and a lower
expense base. Our objective now is to move forward with initiatives that will
make the Bank a more central part of American Express."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
AMERICAN EXPRESS COMPANY
By: /s/ Stephen P. Norman
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Name: Stephen P. Norman
Title: Secretary
Dated: October 16, 1995
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