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BRIEFLY

Technology

February 04, 1992|From Times Staff and Wire Reports

American Express To Sell Stake in Information Unit: In a continuing quest for fresh capital, American Express Co. said it plans to sell a minority stake in its profitable information processing business. The financial services company said it would seek Securities and Exchange Commission authorization to sell 35% to 45% of Information Services Corp. in an initial public offering. It also plans to rename the unit First Data Corp. The sale comes as American Express looks for buyers for its mortgage banking and life insurance businesses. Its flagship charge-card business suffered a 59% drop in profit last year.

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