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Article: Amex attacks Visa in Europe, calling proposed caveat unfair. (American Express Co. files unfair competition complaint against Visa International)
- Article from:
- American Banker
- Article date:
- January 25, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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American Express Co. launched a preemptive strike at Visa International to prevent the bank card association from inhibiting its overseas expansion.
On Tuesday, the New York-based card giant filed an unfair- competition complaint with the European Commission in Brussels.
American Express alleges that Visa's board will vote soon on whether to implement a proposed bylaw that would prevent banks abroad from issuing a competitor's card brand, such as American Express.
American Express believes that the policy would violate European laws on competition.
"We are surprised that American Express has decided to file a complaint with the European ...