Malaysia's leading bank Malayan Banking (Maybank) said it had acquired American Express's charge card and related merchant services in Malaysia for RM80 million (US$22.9 million).

Maybank president and chief executive officer Amirsham Aziz said yesterday that the acquisition would increase the number of Maybank's credit cards to 1.3 million, representing 25 percent of total market share in Malaysia.

He said the move will also make Maybank the leading credit card player in Malaysia in terms of the number of outstanding cards, overtaking the US-based Citibank.

Strong cardmember base

Amirsham was hopeful Maybank would be able to leverage on American Express's strong cardmember base in the corporate, traveling and entertainment segments in Malaysia.

"The purchase will help to fill the gaps in these segments and thus strengthen our position in the marketplace," he said.

Commenting on the price tag, Amirsham said: "When you pay a decent price for something, you will expect a decent return for it."

Maybank has been issuing Maybank-American Express credit cards in Malaysia since December 2003 under a separate deal.

The US-based American Express Company is a diversified worldwide travel, financial and network services company.