Swiss private bank Cornèr Bank has agreed to acquire Diners Club Italia and Dinit, a Diners Club card transaction processor in Slovenia, from Discover Financial Services.
Subject to approval from the relevant supervisory authorities, the acquisition is expected to close by the end of this year.
Diners Club Italia is the Diners Club International licensee for Italy, San Marino and Vatican City. Cornèr Bank is also an issuer of payment cards in the Swiss market.
The Diners Club card is a product that is accepted in over 185 countries and territories at millions of merchant locations, and at more than one million ATMs and cash access locations.
Diners Club International president Eduardo Tobon said: “As one of the largest issuers of payment cards in the Swiss market, we are confident Cornèr Bank will continue to lend its innovation to Diners Club and grow the brand and business in Italy.”
Cornèr Bank CEO Paolo Cornaro said: “Diners Club and Cornèr Bank are both innovators in the card space. We are excited to take on the business that Diners Club has built in Italy, which represents a very good fit to our European expansion strategy.”