LUGANO, Switzerland--(BUSINESS WIRE)--May 6, 2015--
Diners Club International Ltd., a subsidiary
of Discover Financial Services, and Cornèr Bank LTD have reached an
agreement for Cornèr Bank to acquire Diners Club Italia S.r.l. and Dinit
d.o.o. from Discover Financial Services. The transaction is contingent
upon approval from the relevant supervisory authorities and is expected
to be completed by the end of 2015.
Diners Club Italia S.r.l. is the Diners Club International licensee for
Italy, San Marino and Vatican City and Dinit d.o.o. is a Diners Club
card transaction processor in Slovenia.
Cornèr Bank is an independent Swiss private bank that is active across a
range of traditional banking services. It specializes in the sectors of
lending and private banking and is a leading player in the Swiss card
payment industry.
“Cornèr Bank and Diners Club have an existing relationship that has been
very strong for the past year,” said Eduardo Tobon, President of Diners
Club International. “As one of the largest issuers of payment cards in
the Swiss market, we are confident Cornèr Bank will continue to lend its
innovation to Diners Club and grow the brand and business in Italy.”
A globally-recognized product, the Diners Club card is accepted in more
than 185 countries and territories, in millions of merchant locations,
and at more than 1 million ATMs and cash access locations.
“Diners Club and Cornèr Bank are both innovators in the card space,”
said Paolo Cornaro CEO of Cornèr Bank. “We are excited to take on the
business that Diners Club has built in Italy, which represents a very
good fit to our European expansion strategy.”
Cornèr Bank was assisted by Vitale&Co as financial advisor and by Studio
Santa Maria as legal advisor.
About Diners Club International Ltd.
Diners Club International is owned by Discover Financial Services
(NYSE:DFS), a direct banking and payment services company with one of
the most recognized brands in U.S. financial services. Established in
1950, Diners Club International became the first multi-purpose charge
card in the world, launching a financial revolution in how consumers and
companies pay for products and services. Today, Diners Club is a
globally-recognized brand serving the payment needs of select and
affluent consumers, offering access to more than 550 airport lounges
worldwide, and providing corporations and small business owners with a
complete array of expense management solutions. With acceptance in more
than 185 countries and territories, millions of merchant locations and
access to more than 1 million cash access locations and ATMs, Diners
Club, as a part of the Discover Global Network, is uniquely qualified to
serve its cardmembers all over the world. For more information, visit www.dinersclub.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company issues
the Discover card, America's cash rewards pioneer, and offers private
student loans, personal loans, home loans, checking and savings
accounts, certificates of deposit and money market accounts through its
direct banking business. It operates the Discover Network, with millions
of merchant and cash access locations; PULSE, one of the nation's
leading ATM/debit networks; and Diners Club International, a global
payments network with acceptance in more than 185 countries and
territories. For more information, visit www.discover.com/company.
About Cornèr Bank Ltd.
Founded in Lugano, Switzerland, in 1952, Cornèr Bank is a private and
independent Swiss banking institution. In 1975 it was the first bank
in Switzerland to launch the Visa credit card. Through ongoing
innovation it contributed significantly to helping shape Switzerland’s
credit card landscape. In 1998 Cornèr Bank/ added the MasterCard card to
its portfolio. In 2014 Cornèr Bank took on the exclusive Diners Club
issuing licence for Switzerland and Luxembourg. Cornèrcard offers a wide
range of credit and prepaid cards based on state-of-the-art technologies
and is considered today as one of the pioneers in the Internet area as
well. Cornèr Bank was one of Europe’s first banking institutions to
introduce the standards of secure e-commerce and continues to develop
its services in the area of e-commerce and mobile commerce.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150506005938/en/
Source: Discover Financial Services
Media Contacts:
Discover/Diners Club
Abbe Kalina
+1-224-405-5175
abbekalina@discover.com
or
Cornèr
Bank Corporate Communication Head
Anna Russo
+41918005354
anna.russo@corner.ch