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AmEx OK'd to Be Bank Holding Company
By MARTIN CRUTSINGER
The Federal Reserve on Monday granted a request by American Express(AXP Quote) to become a bank holding company, opening the door for the credit card giant to accept deposits and permanently access financing from the Fed.
The Fed said it had approved the application for American Express and a related company, American Express Travel Related Services, to become bank holding companies.
The approval represented the latest reshaping of the financial services industry, which is undergoing its worst credit crisis in decades. ...
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