RIVERWOODS, Ill. & TOKYO--(BUSINESS WIRE)--Dec. 18, 2015-- On December 14, 2015, Sumitomo Mitsui Trust Club Co., Ltd (“SuMi TRUST CLUB”), the wholly-owned subsidiary of Sumitomo Mitsui Trust Bank, Limited (“SuMi TRUST”), became the exclusive issuer and acquirer of Diners Club cards in Japan for Diners Club International Ltd., a business unit of Discover Financial Services and a part of the Discover Global Network.
SuMi TRUST CLUB is the wholly-owned subsidiary and one of the group companies of SuMi TRUST, the independent and largest trust bank in Japan with 90 years of history. In March, it was announced that SuMi TRUST agreed to acquire the Japanese Diners Club franchise and be responsible for both the Diners Club Japan brand and the business of issuing and acquiring in Japan.
“The Japanese market has been and continues to be an integral part of our global footprint,” said Diane Offereins, Discover’s president of payment services. “With the support and access to the affluent consumer segment provided by SuMi TRUST, I’m confident we will take the Diners Club Japan business to the next level.”
Discover Global Network is the third largest payments network in the world and the largest merchant acceptance network in Asia-Pacific. With millions of merchant acceptance locations and one million ATM and cash access locations across 185 countries and territories, Discover Global Network includes Discover, Diners Club International, PULSE and affiliated networks.
“Through the work between Diners Club and SuMi TRUST, we will improve the service quality to our mutual customers,” said Koji Nohara, the newly appointed president of SuMi TRUST CLUB. “SuMi TRUST CLUB will provide high quality credit card services, with superior value propositions to SuMi TRUST customers, and we believe that SuMi TRUST’s customers will respond well to Diners Club Japan’s offerings.”
ABOUT SUMI TRUST CLUB
SuMi TRUST CLUB is the wholly-owned subsidiary and one of the group companies of SuMi TRUST. SuMi TRUST CLUB will have sole authority to issue Diners Club cards in Japan, as a new Diners Club International franchise. SuMi TRUST CLUB will operate the Diners Club brand credit card business in Japan in collaboration with SuMi TRUST through use of SuMi TRUST’s nationwide network and providing SuMi TRUST customers with new product and services.
ABOUT SUMI TRUST
SuMi TRUST is the wholly-owned subsidiary of Sumitomo Mitsui Trust Holdings, Inc. and it is the largest company in the Sumitomo Mitsui Trust Group in terms of scale and profitability. SuMi TRUST has provided products and services unique to trust banks for many years to customers as a specialized trust bank, with its origins in the first trust company in Japan and a tradition dating back more than ninety years. As the largest, most prestigious trust bank group in Japan, the Sumitomo Mitsui Trust Group is Japan’s largest asset manager and administrator, a top asset management consultant, and an industry leader in trust-bank-related businesses. Sales Volume of Investment Trust/Discretionary Investment was Yen1.8 trillion, No.1 among Japanese banks (fiscal year 2014), Real Estate Business-related Revenue was Yen 44.6 billion, No.1 among Japanese trust banks (fiscal year 2014), and Assets under Management was Yen 80 trillion, No.1 among Japanese Bank and Securities Company Groups (as of the end of March 2015).
ABOUT DINERS CLUB INTERNATIONAL
Diners Club International is owned by Discover Financial Services (NYSE:DFS), a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Established in 1950, Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services. Today, Diners Club is a globally-recognized brand serving the payment needs of select and affluent consumers, offering access to more than 550 airport lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions. With acceptance in more than 185 countries and territories, millions of merchant locations and access to more than 1 million cash access locations and ATMs, Diners Club, as a strategic partner of the Discover Global Network, is uniquely qualified to serve its cardmembers all over the world. For more information, visit www.dinersclub.com.
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers home loans, private student loans, personal loans, home equity loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories.For more information, visit www.discover.com/company.