KUALA LUMPUR, Dec. 29 -- JPMorgan Chase & Co. and cxLoyalty Group Holdings announced they have signed an agreement for JPMorgan Chase to acquire the Global Loyalty business of cxLoyalty Group Holdings.
According to a statement, the deal includes cxLoyalty’s leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. “This investment demonstrates our commitment to deliver exceptional travel benefits at-scale to our large and rapidly growing customer base,” said JPMorgan Chase’s Chief Executive Officer of Consumer Lending, Marianne Lake. “Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel.” cxLoyalty is a leading loyalty and technology solutions company with over 40 years of experience. Their expertise in designing, administering and fulfilling loyalty programmes complements JPMorgan Chase’s reputation of providing customers with elevated and differentiated value. The deal is expected to accelerate the strong foundation built in loyalty, including for Chase’s Ultimate Rewards platform and cxLoyalty’s existing clients, to enable a more holistic, end-to-end customer travel journey for all customers. JPMorgan Chase credit card customers will continue using Ultimate Rewards as usual and over time, will have access to enhanced travel experiences. More details at www.jpmorganchase.com. -- BERNAMA
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