Citibank sells Diners Club in Japan
Mar 31, 2015, 2:17 pm
#1
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Citibank sells Diners Club in Japan
Citigroup has agreed to sell its Citi Cards Japan unit to Sumitomo Mitsui Trust Bank for an undisclosed amount as the New York-based lender continues to slim down its overseas operations to boost its profits.
The unit is the exclusive issuer of Diners Club cards in Japan.
Citibank dumps another part of Diner's Club. This has to be good news for Diner's Club cardholders in Japan.
We'll see if BMO is watching, but I think BMO realizes they've messed up so far.
The unit is the exclusive issuer of Diners Club cards in Japan.
Citibank dumps another part of Diner's Club. This has to be good news for Diner's Club cardholders in Japan.
We'll see if BMO is watching, but I think BMO realizes they've messed up so far.
Mar 31, 2015, 2:30 pm
#2
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Why would BMO be particularly interested in Citi's disposition of franchises in other markets? The Canada/USA franchise is a completely different proposition because it does not run on Discover's Diners Club network.
Jan 21, 2016, 12:56 pm
#3
Join Date: Jul 2014
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Now that Diners Club is run by SuMi TRUST rather than Citi Cards Japan, anyone seen (or expect to see) any changes on the Diners Club / Discover / JCB interchangeability front?
How it was working:
- Diners Club Japanese cards can be used on the Discover network
- Discover cards (USA credit cards) can not be used at Diners Club merchants in Japan. (Discover credit cards can be used at many JCB merchants in Japan)
How it was working:
- Diners Club Japanese cards can be used on the Discover network
- Discover cards (USA credit cards) can not be used at Diners Club merchants in Japan. (Discover credit cards can be used at many JCB merchants in Japan)
Jan 21, 2016, 1:55 pm
#4
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Now that Diners Club is run by SuMi TRUST rather than Citi Cards Japan, anyone seen (or expect to see) any changes on the Diners Club / Discover / JCB interchangeability front?
How it was working:
- Diners Club Japanese cards can be used on the Discover network
- Discover cards (USA credit cards) can not be used at Diners Club merchants in Japan. (Discover credit cards can be used at many JCB merchants in Japan)
How it was working:
- Diners Club Japanese cards can be used on the Discover network
- Discover cards (USA credit cards) can not be used at Diners Club merchants in Japan. (Discover credit cards can be used at many JCB merchants in Japan)
(There is a Diners Club network in the US even though Diners Club US cards are on the MasterCard network. So that proves that who issues Diners Club cards in a given country may have absolutely nothing to do with who operates the Diners Club network in that country.)
Jan 21, 2016, 3:49 pm
#5
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I speculate that Discover's 2006 agreement with JCB gave JCB the exclusive right to process Discover card transactions in Japan, and that Discover's 2008 purchase of Diners Club International would not have changed that agreement.
Sources here:
https://en.wikipedia.org/wiki/JCB_Co.,_Ltd.
https://en.wikipedia.org/wiki/Diners_Club_International
Sources here:
https://en.wikipedia.org/wiki/JCB_Co.,_Ltd.
In the United States, JCB is not a primary credit card network such as Visa, MasterCard, Discover, or American Express. While the brand was primarily accepted by tourism-related businesses such as airlines, car rental companies, hotels, Japanese speciality retailers and select department stores it gained wider acceptance when on August 23, 2006 JCB announced an alliance with the Discover Network. The two companies signed a long-term agreement that led to acceptance of Discover Network brand cards at JCB point-of-sale terminals in Japan and of JCB cards on the Discover network in the U.S. This partnership became operational in 2011.
In a transaction completed July 1, 2008, Discover Financial Services purchased Diners Club International from Citibank for $165 million. The deal was announced in April 2008 and approved by the U.S. government in May 2008.