Discover opens IT subsidiary in China

The new operation in Shanghai's Huangpu District will house a staff of 45 analysts. Discover says it will double that workforce by 2009.

James Panzarino, Discover's chief credit risk officer, says: "Our new subsidiary supports Discover's rapid investment in our risk-assessment abilities. Our new Shanghai employees have sophisticated training in mathematics and other quantitative subjects."

The opening of the technology centre is Discover's latest foothold in China, where the company already has a long-term agreement with China Unionpay. In May 2007, Discover opened a representative office in Shanghai to support the alliance, which gives cardholders access to China Unionpay's merchant locations and ATMs across the mainland. It also allows China Unionpay cardholders access to ATMs and POS terminals at retail locations across the US on Discover's Pulse network.