Cornèr Bank Ltd. Announces Plan to Acquire Diners Club Italia and Dinit from Discover Financial Services
May 06 2015 - 10:02AM
Business Wire
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/
Media Contacts:Discover/Diners ClubAbbe
Kalina+1-224-405-5175abbekalina@discover.comorCornèr Bank Corporate
Communication HeadAnna Russo+41918005354anna.russo@corner.ch
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