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HSBC, the issuer of the "General Motors MasterCard," has agreed to become the fifth U.S. issuer of American Express cards. In return, AmEx has agreed to dismiss HSBC from its antitrust lawsuit against VISA, MasterCard and other U.S. banks. Under the terms of the agreement, HSBC will issue the cards, manage customer relationships and be responsible for all marketing, billing, charge authorizations and credit management. HSBC expects to begin issuing cards in mid-2006.
