BDO Unibank has reached an agreement to acquire the exclusive issuer and acquirer rights of Diners Club International (DCI) credit cards form SB Cards, a subsidiary of Security Bank.
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The transaction includes SB Cards’ existing Diners Club portfolio and its cardholder base. Pending certain approval requirements, the transaction is expected to be concluded within two to three months.
SB Cards president Cristina Tingson said: "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.
"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."
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By GlobalDataBDO executive vice president Rolando Tanchanco said: "BDO knows that acquiring 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 cardmembers as well as start to issue new Diners Club cards."
