Discover cards make Russian debut via Standard Bank tie-up
05 September 2012 | 1733 views | 0
Discover Financial Services, one of the leading direct banking and payments companies in the U.S., and Russian Standard Bank (RSB), the leader in the credit card market in Russia, today announced an extension of their existing relationship to allow for RSB to become the exclusive partner for issuance, acceptance and promotion of Discover cards in Russia.
This is the first time that Discover cards will be issued in Europe.
The agreement was signed September 4th, 2012 at the official opening of the Diners Club branch in Moscow.
In 2011, Russian Standard Bank became the exclusive strategic partner of Discover Financial Services with the issuing and servicing of Diners Club International (DCI) cards in Russia. The agreement signed today is a new stage in the development of this partnership in which Russian consumers will be offered a new card brand - Discover - with an innovative product that boasts services and benefits which have proven successful in the U.S. market.
Established in 1986, Discover Financial Services is one of the most recognized brands in U.S. financial services market. Today, Discover is one of the largest credit card issuers in the country, a leader of the market, and pioneer of cash rewards programs of the North American market.
"I am pleased to announce the extension of our partnership with Discover Financial Services - the company offering one of the most popular credit cards amongst American consumers," said Dmitry Levin, CEO of Russian Standard Bank. "This partnership will allow Russian Standard Bank to enrich its portfolio of card brands and introduce the technical and service know-how of Discover, an expert of credit cards and loyalty programs in the U.S. The brand history of Discover is a story of great success which the company has achieved in just a few decades in the highly competitive market of financial services in the U.S. I am confident that the Discover card from Russian Standard Bank will become very popular amongst Russian consumers, too."
"Our partnership with Russian Standard Bank, the largest credit card issuer in Russia, as a DCI issuer and acquirer is helping us meet our aggressive growth goals in Russia. We are thrilled to extend our presence there and work with RSB to issue Discover cards, representing the next milestone of a relationship that has been mutually beneficial," said Diane Offereins, President of Payment Services at Discover. "By issuing cards abroad, Discover has a tremendous opportunity to build its brand globally and share its most compelling attributes - including cash rewards, service and value - with people all over the world."