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IAG gets USD 955 mln from American Express to renew their partnership

Monday 27 July 2020 12:35 CET | News

British Airways-owner International Airlines Group (IAG) has stated that American Express would pay it USD 955 million to renew their partnership.

According to Reuters, the funds will help with the airline’s finances during the pandemic. Although lockdown measures have eased and flying has restarted, the pressure remains on airline companies like IAG, as travel is still at less than half of pre-pandemic levels.

Moreover, IAG’s finances, which were severely affected during the COVID-19 crisis, led to media speculation that it could need to raise new equity. Therefore, it was reported that at the end of April 2020 the company had USD 11.6 billion of liquidity.

Furthermore, the multi-year renewal agreement with American Express would extend IAG’s commercial partnership with the payments company. Besides, American Express is paying IAG to pre-purchase Avios points, which members of rewards programmes can use to purchase flights.

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Keywords: British Airways, International Airlines Group, IAG, American Express, COVID-19, Avios points, rewards programmes
Categories: Payments & Commerce | Ecommerce
Countries: World
This article is part of category

Payments & Commerce