Discover to buy Citigroup's Diners Club Int'l |
| Reuters - Apr 7, 2008 |
Discover Financial Services on Monday said it agreed to buy Citigroup Inc's Diners Club International operations for $165 million, expanding its global presence.
The Diners Club network generates more than $30 billion of annual card volume outside North America, where it is accepted at more than 8 million locations in 185 countries, Discover said. Diners Club International employees will join Discover, and the agreement also includes the brand and trademarks.
Discover expects within two to three years to integrate the networks to allow cardholders to use their cards at merchants that accept Diners Club and Diners Club cardholders to use their cards on the Discover network in North America.
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- Posted: 2008-04-07 08:46:55
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