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26/11/2009 -
Canadian businesses have another reason to add MasterCard processing to their merchant services, with the announcement Tuesday that BMO Financial Group has purchased the Diners Club North American franchise from Citigroup.Diners club, a corporate card that combines a travel and entertainment expense card with a purchasing card through MasterCard, will give BMO Financial net receivables of nearly US$1 billion and credit card processing transactions of US$7.8 billion. The agreement will include both the Club Rewards program and the Diners Club Professional Card.
"Diners Club is recognized around the world as a premier card program for employee travel and entertainment expense cards," said Mike Kitchen, senior vice president of personal and commercial banking for BMO Bank of Montreal. "Acquiring the North American franchise offers the best of both worlds for BMO, combining the benefits of worldwide MasterCard acceptance and the strength of Diners' capabilities and highly regarded rewards program."
The acquisition is expected to close before the end of March 2010.
Even before the Diners Card is brought to the Canadian market under BMO, companies with merchant accounts may want to add MasterCard processing to their offerings - the card brand is expected to enter the Canadian debit card market shortly.
