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U.S. Bank Expands Service to Multinational Corporations with Ability to Issue Commercial Cards in 37 Countries

MINNEAPOLIS & LONDON--(BUSINESS WIRE)--July 12, 2005--U.S. Bank has expanded its ability to issue and service cards internationally by partnering with Banco Uno in Nicaragua and National Bank of New Zealand. U.S. Bank now issues and services cards in 37 countries, with statements in the local language and currency. Additional expansion will be announced soon.

The expansion into Nicaragua and New Zealand is through Global Commercial Payments Solutions (GCPS), a global joint venture between Visa and key Visa commercial card issuers. U.S. Bank was one of seven lead banks in GCPS, which enables it to offer clients a seamless commercial card structure and data exchange solution to support their multinational corporate and purchasing card programs.

"We're excited to welcome our two new bank partners and increase our areas of coverage," said Robert Abele, executive vice president of U.S. Bank Corporate Payments Systems. "Most of our larger U.S. clients are already doing some degree of international business. Consequently, they expect us to have a consistent, cohesive global offering to support their overseas operations or cardholders in as many countries as we can."

In addition to the lead banks that provide local banking services in nine countries, GCPS includes 16 "partner banks" that can issue commercial cards in an additional 28 countries. More than a dozen U.S. Bank clients have "gone global" in the last 12 months, and more than 30 companies worldwide have implemented programs through GCPS, representing an overall charge volume in excess of $1.75 billion.

"Multinational business is integral to U.S. Bank's commercial plans," Abele added. "GCPS has proven to be a great conduit through which to cross sell and expand our corporate banking relationships by providing our suite of transactional products and outstanding customer service on a global scale."

Headquartered in London and launched in 2001, GCPS provides wide geographic coverage, global reporting and local market expertise through a single core contract, one point of contact, local support and management with centralized monitoring and control. For more information visit GCPS on the web at: gcpsinfo.com.

U.S. Bank Corporate Payment Systems, a division of U.S. Bancorp, offers clients a full suite of solutions for commercial, fleet and B2B payment needs. U.S. Bank was the first to offer corporate bankcard, purchasing and relocation card programs, the first to offer a private-label fleet card and is one of the largest merchant acquirers in the world.

U.S. Bancorp (NYSE:USB), with $198 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

Corporate Payment Systems
Dan Endy, 612-973-1512
Media Relations
Teri Charest, 612-303-0732


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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