Two months after leading investment bankers Goldman Sachs andMorgan Stanley transformed themselves into full-fledged banks, it isnow the turn of credit card giant American Express (AmEx) to followsuit. The world's fourth-largest credit card issuer received a goahead from the US Federal Reserve in mid-November to convert itselfinto a commercial bank.
In India, AmEx still operates its card business as a restrictedbanking entity because RBI doesn't allow Non Banking FinancialCompanies (NBFCs) to undertake credit card …
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