A letter of intent (LoI) for this purpose has been signed between the two companies. As per the LoI, the joint venture company will market the services through a large number of co-branded outlets across the country by the year-end.

According to a statement issued by American Express, the details of the JV are being worked out and will get finalised shortly. The alliance will include dealing in foreign exchange services, money changing activities and sale of American Express travellers cheques.

Tata Finance's electronically connected network of over 75 offices throughout the country will distribute American Express' foreign exchange products and services.

"The alliance will help us expand the scope of our business activities and mark anentry into money changing/foreign exchange. The market for foreign exchange services is large and offers tremendous opportunity for growth", Tata Finance Ltd managing director Dilip Pendse said.

"Success in this business would be determined by reach, high level quality customer service and fool proof systems support. Tata Finance has always leveraged its superior IT setup as a competitive advantage. Further, American Express' international expertise and technological knowhow in this business will complement our wide network and understanding of the Indian market", said Pendse.

American Express Travel Related Services senior vice president and general manager (foreign exchange services) Stephen Flett said, "The alliance will enable us to enhance the distribution of our products by extending their reach to consumers in greater numbers than ever before".

American Express, a diversified travel and financial services company is the world leader in travel related services with over 42 million cards worldwideand more than $19 billion in annualized travel sales.

Tata Finance's wide ranging financial services include hire purchase of commercial vehicles, cars, construction equipment and two wheelers; lease finance; bill discounting; syndication activities; merchant banking and corporate banking and foreign exchange advisory services.