BMO Financial Buys Diners Club From Citigroup

Law360, New York (November 24, 2009, 4:02 PM EST) -- The Bank of Montreal will purchase the Diners Club North American franchise from Citigroup Inc., the companies said Tuesday.

The Bank of Montreal unit BMO Financial Group has signed a definitive agreement to acquire the Diners Club brand in the U.S. and Canada. The deal is expected to close in the first quarter of 2010.

"This acquisition will immediately enhance our competitive position by placing us among the top commercial card issuers in North America," said Frank Techar, president and CEO of personal and commercial banking...
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