April 09, 2008

Discover Financial Services has agreed to acquire Diners Club International from Citigroup for $165 million. Under the agreement, Citigroup will continue to issue the Diners Club card and Discover will not issue its own cards or extend consumer credit in international markets. The deal should open up international acceptance for Discover Network cardholders: over the next two to three years Discover intends to integrate the networks so merchants that accept one card also will accept the other. Diners Club currently is accepted in 185 countries.