Diners Club International, a business unit of Discover Financial Services (DFS), and Industrial and Commercial Bank of China (ICBC), the largest credit card issuer in China, today announced plans to bring a new Diners Club International franchise to the Asia Pacific region.
As part of the agreement, ICBC will operate as the first full franchise in China and is responsible for both the Diners Club brand and business in issuing and acquiring. In terms of total assets, ICBC is one of the largest banks in the world.
"As the world's largest card market with 3.1 billion cards in circulation, China is critically important to us as we continue to expand our global footprint," said Diane Offereins, EVP and President of Payment Services at Discover Financial Services. "ICBC's well-respected brand, successful banking operations and significant influence in China make them an attractive partner for us, and we believe their customers will benefit from the international network and services that Diners Club provides."
As a globally-recognized brand, Diners Club International is accepted in more than 185 countries and territories, in millions of merchant locations and in more than 845,000 ATMs and cash access locations all over the world. The company offers best-in-class features and benefits and a network of unique customer and merchant services.
"The mission of ICBC has always been to provide excellent services to our customers and the launch of Diners Club cards will further enhance and optimize the product offerings of ICBC, meet the individual needs of customers, and provide more diverse scope of services to the cardholders," said Mr. Li Xiaopeng, Executive Director, Vice President of Industrial and Commercial Bank of China. "The signing of our partnership agreement will bring mutual benefits and a win-win opportunity to both Industrial and Commercial Bank of China and Diners Club International, and will effectively enhance and elevate the market influence of both brands."
This announcement comes on the heels of the U.S.-China Foundation for International Exchanges' recent presentation of the prestigious Marco Polo Award to David Nelms, Chairman and CEO of Discover. The award recognizes the most visionary corporate friends of China and is the highest honor given to a foreign business leader.