The retail banking operations have been christened ``Personal Financial Services (PFS)'' and will offer a slew of products like time, demand and saving bank deposits (including a floating rate one), car loans as well as investment products such as units of mutual funds and money-management services. The bank's customers will also be able to avail themselves of services like automatic teller machines, tele-, home- and workplace banking.

In keeping with its global business plan, the Fortune 500 company seeks to offer more value to Amex cardmembers via the PFS even as the bank's customers stand entitled to special privileges from Amex cards and travel services. Amex Bank will seek to strengthen itsexisting customer relationships and PFS will offer a "rewards programme" with an option of redeeming them for the complete range of Amex products and services.

The American Express company runs its businesses structured along three major concerns: Amex Bank, Amex Travel Related Services (Amex TRS) and Amex Financial Advisors. At present, Amex Bank operates largely as a corporate bank and its liability base comprises mostly corporate deposits and some high networth private banking. Amex TRS boasts of a high spending card base and offers travel services and travellers cheques to individual and corporate customers.

Amex Bank PFS' senior director and business head (new markets) Shailesh Kotwal said: "With the launch of PFS, Amex Bank will offer its customers here an unmatched combination of financial and travel-related services. Our business strategy is being driven by synergies across Amex products as well as strategic alliances with other financial service providers and distributors."

Amex Bank's tie-upwith the Karvy group will enable it to lock into a wider customer segment, and, according to Amex Bank PFS (India) senior director and business head KL Muralidharan, "more like alliances will be explored."

The Karvy group has a network spread across 62 locations in the country and offers a range of services like retail distribution of financial products, corporate shareholder services, custodial and investor services.

PFS is one of Amex Bank's key businesses, and is aimed at fulfilling the saving, investment, transaction and credit needs of affluent customers in its key markets.

Amex Bank's Indian operations rank among the top five centres worldwide, and PFS form part of a global financial services strategy to establish Amex as a leader in markets outside the United States.