RIVERWOODS, Ill. & TOKYO--(BUSINESS WIRE)--Dec. 18, 2015--
On December 14, 2015, Sumitomo Mitsui Trust Club Co., Ltd (“SuMi TRUST
CLUB”), the wholly-owned subsidiary of Sumitomo Mitsui Trust Bank,
Limited (“SuMi TRUST”), became the exclusive issuer and acquirer of
Diners Club cards in Japan for Diners Club International Ltd., a
business unit of Discover Financial Services and a part of the Discover
Global Network.
SuMi TRUST CLUB is the wholly-owned subsidiary and one of the group
companies of SuMi TRUST, the independent and largest trust bank in Japan
with 90 years of history. In March, it was announced that SuMi TRUST
agreed to acquire the Japanese Diners Club franchise and be responsible
for both the Diners Club Japan brand and the business of issuing and
acquiring in Japan.
“The Japanese market has been and continues to be an integral part of
our global footprint,” said Diane Offereins, Discover’s president of
payment services. “With the support and access to the affluent consumer
segment provided by SuMi TRUST, I’m confident we will take the Diners
Club Japan business to the next level.”
Discover Global Network is the third largest payments network in the
world and the largest merchant acceptance network in Asia-Pacific. With
millions of merchant acceptance locations and one million ATM and cash
access locations across 185 countries and territories, Discover Global
Network includes Discover, Diners Club International, PULSE and
affiliated networks.
“Through the work between Diners Club and SuMi TRUST, we will improve
the service quality to our mutual customers,” said Koji Nohara, the
newly appointed president of SuMi TRUST CLUB. “SuMi TRUST CLUB will
provide high quality credit card services, with superior value
propositions to SuMi TRUST customers, and we believe that SuMi TRUST’s
customers will respond well to Diners Club Japan’s offerings.”
About SuMi TRUST CLUB
SuMi TRUST CLUB is the wholly-owned subsidiary and one of the group
companies of SuMi TRUST. SuMi TRUST CLUB will have sole authority to
issue Diners Club cards in Japan, as a new Diners Club International
franchise. SuMi TRUST CLUB will operate the Diners Club brand credit
card business in Japan in collaboration with SuMi TRUST through use of
SuMi TRUST’s nationwide network and providing SuMi TRUST customers with
new product and services.
About SuMi TRUST
SuMi TRUST is the wholly-owned subsidiary of Sumitomo Mitsui Trust
Holdings, Inc. and it is the largest company in the Sumitomo Mitsui
Trust Group in terms of scale and profitability. SuMi TRUST has provided
products and services unique to trust banks for many years to customers
as a specialized trust bank, with its origins in the first trust company
in Japan and a tradition dating back more than ninety years. As the
largest, most prestigious trust bank group in Japan, the Sumitomo Mitsui
Trust Group is Japan’s largest asset manager and administrator, a top
asset management consultant, and an industry leader in
trust-bank-related businesses. Sales Volume of Investment
Trust/Discretionary Investment was Yen1.8 trillion, No.1 among Japanese
banks (fiscal year 2014), Real Estate Business-related Revenue was Yen
44.6 billion, No.1 among Japanese trust banks (fiscal year 2014), and
Assets under Management was Yen 80 trillion, No.1 among Japanese Bank
and Securities Company Groups (as of the end of March 2015).
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 600 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 card members 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 equity loans, checking and savings
accounts and certificates of deposit 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151218005086/en/
Source: Diners Club International Ltd.
Discover/Diners Club International
Abbe Kalina
+1-224-405-5175
abbekalina@discover.com
or
Sumitomo
Mitsui Trust Holdings, Inc.
IR Department
Telephone:
+81-3-3286-8354
Facsimile: +81-3-3286-4654