American Express Business Travel has acquired the remaining 63% shares in their joint venture Farrington American Express Travel Services Limited in Hong Kong to form a new wholly-owned travel management venture.

American Express’ purchase continues the Company’s globalization strategy of organic growth, direct acquisition and joint venture or licensed partnership across all key markets in the world. This multi-pronged strategy has propelled rapid growth in mainland China and India, a leadership position in Singapore and Australia, and strong partnerships in Japan, the Philippines, and New Zealand.

Global Travel Services President Charles Petruccelli said, “This acquisition confirms our leadership position in the Asia-Pacific region. With Farrington American Express Travel Services fully integrated, our business volume from the customer base we serve across Greater China (out of Beijing, Shanghai, Guangzhou, Hong Kong and Taiwan) will reach nearly one billion U.S. dollars of business travel volume this year, with a solid double-digit growth rate year-over-year.”