Diners Club Franchises Sold

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Diners Club Franchises Sold

Last month, Sumitomo Mitsui Trust Club, a wholly owned subsidiary of Sumitomo Mitsui Trust Bank, became the exclusive issuer and acquirer of Diners Club cards in Japan for Diners Club International. Diners Club is a business unit of U.S.-based Discover Financial Services. In March 2015, SuMi Trust announced it would purchase the Diners Club franchise in Japan from Citibank. Terms of the transaction were not disclosed. SuMi Trust’s parent company, Sumitomo Mitsui Banking Corp., is the second largest credit card issuer in Japan. In November 2015, Alon Blue Square Israel and Dor Alon Israel ...

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