BDO Unibank Inc. (BDO), which currently issues various international credit cards—MasterCard, Visa, American Express JCB and UnionPay—said it will soon start issuing also Diners International cards.
It has accepted the offer of the SB Cards Corp. (SB Cards), which is a subsidiary of Security Bank Corp., to sell its rights of Diners Club International (DCI) credit cards in the Philippines, as well as its cardholder base.
The acquisition will allow BDO to deliver new customer benefits to ITS card members, said the executive vice president of BDO, Rolando Tanchanco. SB Cards, he said, “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.”
After disclosing the deal to the Philippine stock exchange on Tuesday, SB Cards said the transaction is likely to complete within two to three months, subject to approval requirements.
According to the president of SB Cards, Ma. Cristina Tingson, the deal is part of a strategic move to focus on existing card issuing business with MasterCard as the main credit card offering, which will be actively expanded and strengthened.
“Our card business remains to be a critical leg of our Retail Bank, a crucial driver of the overall growth strategy of Security Bank,” she said adding that the “discipline to focus on our goals enables us to sustain the significant progress we have made in delivering our promise of Better Banking to our customers.”