BMO Financial Group, a Canada-based financial services organization, has completed the acquisition of the Diners Club North American franchise from Citigroup. The purchase also includes the club rewards program and the professional card portfolio.
The acquisition is likely to accelerate the bank’s initiatives to expand in the travel-and-entertainment card sector, particularly in the US. Moreover, the deal allows BMO to partner with other Diners Club franchisees around the world to deliver a travel & entertainment offering to its multi-national clients.
BMO has said that it will retain key Diners Club sales and relationship managers to ensure a smooth transition and continued customer support.
Terry Wellesley, managing director at BMO spend & payment solutions, said: “We are excited to be adding this premier program to our existing line of signature offerings. This acquisition enhances our global card program, making us a compelling choice for prospective commercial customers across North America. We welcome all of our new customers and look forward to building on our new relationships.”
