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Shinsei Bank said Thursday that American Express International Inc. will take over from Visa International as its partner in credit card operations.

Shinsei and Amex will launch the Shinsei-American Express Card in August at the earliest, the bank said.

Shinsei will advertise the new credit card to its 550,000 account-holders, while Amex will encourage its clients to open an account with Shinsei, the bank said.

The bank has issued Visa International cards through its subsidiary, but will phase out the operation, it said.

Shinsei and Amex are targeted at wealthy customers and their partnership is thus expected to have a synergy effect, the bank said.

Shinsei is the reborn entity of the failed Long-Term Credit Bank of Japan, which made a fresh start under its new name in June 2000 after being sold to a U.S. investment fund.

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