Citigroup to buy Diners Club

Citigroup to buy Diners Club

TOKYO (DPA): Japan's Fuji Bank and Japan Travel Bureau
Incorporation (JTB) said Tuesday they have agreed to sell their
share-holdings in Japanese credit card company Diners Club of
Japan Incorporation to Citigroup Incorporation of the United
States.

Fuji Bank and its affiliates currently own 60 per cent of
Diners Club of Japan. The remaining 40 per cent is owned by JTB.

Citigroup is expected to buy back all of the shares in Diners
Club of Japan it sold to the credit card company's current major
shareholders.

The re-purchase is aimed at beefing up Citigroup's financial
services for individual customers by expanding into the credit
card business in Japan, analysts said.

Diners Club of Japan issues Diners Club cards in Japan and
provides related credit card services to card holders in and
outside Japan on behalf of Diners Club International Ltd. of the
U.S.