CardTrak.com - News - Discover & Diners
Good news for Discover cardholders. Discover has signed an agreement with Citi to acquire Diners Club International. With this agreement, it will give "Discover Card" global acceptance once the networks are fully integrated.
Under the terms of agreement, Discover will acquire the Diners Club International network with more than $30 billion per year in spend volume outside of North America; its brand and trademarks; its employees; and agreements with 44 network licensees who issue Diners Club cards and maintain an acceptance network consisting of more than 8 million incremental merchant and cash access locations in 185 countries worldwide. Citi will remain a significant long-term issuer on the Diners Club network as part of the transaction.Discover will not issue cards or extend consumer credit in international markets as a result of this acquisition.
Monday, April 21, 2008
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