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BMO Financial Group to acquire Diners Club North American franchise from Citigroup

Posted on: Wed, 25 Nov 2009 13:48:00 EST

Symbols: C

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Nov 25, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
C | Quote | Chart | News | PowerRating -- BMO Financial Group (BMO), a Canada-based financial services company, has signed a definitive agreement to purchase the Diners Club North American franchise from Citigroup, Inc., a US-based diversified financial services company.

The transaction will give BMO exclusive rights to issue Diners Club cards to corporate and professional clients in the US and Canada.

The transaction is expected to close before March 31, 2010.

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Announced: 2009-11-24

Deal Participants

Target (Company)   Citigroup, Inc. - Diners Club North America Credit-Card Business
Acquirer (Company) BMO Financial Group
Vendor (Company)   Citigroup, Inc.

Deal Rationale

Diners' corporate Travel and Entertainment (T&E) expense card program will enhance BMO's own T&E offering in the market and complement the bank's purchasing card (PCard) program.

This acquisition will immediately enhance BMO's competitive position by placing it among the commercial card issuers in North America.

The acquisition will also allow BMO to partner with other Diners Club franchisees around the globe to deliver better travel and entertainment offering to its multi-national clients.

For full details on Citigroup (C) C. Citigroup (C) has Short Term PowerRatings at TradingMarkets. Details on Citigroup (C) Short Term PowerRatings is available at This Link.

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