Security Bank sells Diners Club rights
The credit card arm of Security Bank Corp. has sold its rights as the exclusive issuer and acquirer of Diners Club International (DCI) credit cards in the Philippines to leading lender Banco de Oro Unibank Inc.
“The move is a strategic decision to focus on our existing card issuing business with MasterCard as our main credit card offering which we will actively expand and strengthen for our customers. Our card business remains to be a critical leg of our retail bank, a crucial driver of the overall growth strategy of Security Bank,” SB Cards president Ma. Cristina Tingson said.
Subject to certain approval requirements, the transaction between BDO and SB Cards is expected to be completed within two to three months.
“Our discipline to focus on our goals enables us to sustain the significant progress we have made in delivering our promise of BetterBanking to our customers. We will continue to provide products and services that are responsive to the changing needs of our market. During the interim period, we will still provide systems and operational support to ensure the seamless transition of the business to BDO,” Tingson said.
For its part, BDO said its partnership with Diners Club International would further strengthen its card portfolio in the Philippines.
BDO currently has the most card brands in the country, being the issuer for MasterCard, Visa, American Express JCB and UnionPay.
“The Diners Club portfolio will allow us to deliver new customer benefits to our card members. SB Cards has built a quality portfolio, and we are excited to work with those card members as well as start to issue new Diners Club cards,” said Rolando Tanchanco, BDO executive vice president. Doris Dumlao-Abadilla
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