Citigroup has signed a new 10-year agreement with MasterCard to align its consumer proprietary credit and debit portfolios to the MasterCard network.
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The new deal will expand Citi’s 50-year long partnership with MasterCard to provide credit and debit cards to consumers and businesses of all sizes.
As part of the agreement, Citigroup will begin issuing most of its global consumer credit and debit cards utilising MasterCard from 2015.
However, Citi will continue to collaborate with other networks, including on consumer co-brands and commercial cards.
Citi Cards CEO Jud Linville said: "Deepening our partnership with MasterCard should speed the delivery of solutions for our consumer, small business and merchant clients, and add meaningful value to Citi."
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By GlobalDataMasterCard president and CEO Ajay Banga said: "We look forward to expanding our work together to deliver innovative payment solutions to Citi MasterCard cardmembers that drive loyalty and a great consumer experience."
