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08 April 2008
Standard Bank has welcomed the purchase of Diners Club International (DCI) by Discover Financial Services, a company listed on the New York Stock Exchange. Standard Bank owns the Diners Club International franchise in South Africa.
Discover one of the most recognised brands in US financial services, purchased Diners Club International from Citi for US$165 million.
Says Linda Manzini, Managing Director of Diners Club South Africa (DCSA): "The sale of the Diners Club International business will bring significant benefits for DCSA as we will see much needed global investment in the DCI brand, marketing, technology, product development and improved global acceptance. We look forward to working with Discover."
"We expect this acquisition to significantly improve our competitive position by giving us global reach and accelerating growth in our payment network revenues," said David Nelms, Chief Executive Officer of Discover.
Diners Club cardholders can continue to use their cards as usual and will maintain all benefits related to their current card programmes.
Over the next two-to-three years, Discover expects to integrate both networks to allow Discover Network cardholders to use their cards at merchants that accept Diners Club cards around the world, and Diners Club cardholders to use their cards on the Discover Network in North America.
The combined company will bring together two respected brands with experienced merchant acceptance networks that will enable card members to use their cards in more than 185 countries and territories.
The acquisition is expected to close within 90 days, subject to required regulatory approvals.
About Discover Financial Services
Discover Financial Services is a leading credit card issuer and electronic payment services company. The company operates the Discover Card, with more than 50 million card members. Since its inception in 1986, the company has become one of the largest card issuers in the United States.
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