American Express Suspends Credit-card Issuance in Taiwan Over Defaults

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00001877-american-express-suspends-credit-card-iss/

American Express Co. said Friday it temporarily suspended the issuing of credit cards in Taiwan.

American Express “has suspended its new card approval to reflect the market situation, and it’s reviewing its approval criteria,” said Tiffany Chen, spokesman of American Express International, the credit-card issuer under American Express.

Many banks in Taiwan temporarily suspended making new consumer loans in the second half of last year, or tightened their criteria for lending money, following a rise in defaults, leading them to greatly increase their provisions for bad loans in the fourth quarter.

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