AmEx Is a Bank, But Won't Act Like One

Updated from Tuesday, Nov. 11

American Express (AXP Quote) has now joined Capital One Financial (COF Quote) as a bank holding company, but don't expect the iconic charge-card issuer to mimic the same strategies pursued by its newer rival.

The change, approved by the Federal Reserve late Monday, provides American Express and a related company, American Express Travel Related Services Co., increased access to capital, while decreasing their reliance on the frozen credit markets.

But unlike Capital One, which has used the bank holding company status it gained four years ago and a series of acquisitions to build up a formidable branch network, American Express is not really interested in the business of banking, analysts say. ...