MEDELLIN, Colombia, Dec. 26 /PRNewswire-FirstCall/ -- American Express Limited ("American Express") and Bancolombia S.A. ("Bancolombia") renewed the agreement that allows Bancolombia to hold a license to operate as issuer and acquirer of American Express credit cards in Colombia (the "Independent Operator Agreement"). The renewed Independent Operator Agreement has a term of 10 years, beginning on January 1, 2008. American Express and Bancolombia entered into the renewal of the Independent Operator Agreement, establishing the terms and conditions of the license, on December 21, 2007.