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Article: U.S. Bancorp Closes a Gap In Payments Via Citi Deal.(Cards)(Citigroup Inc.)(Discover Financial Services Inc.)
- Article from:
- American Banker
- Article date:
- September 29, 2009
- Author:
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Byline: Maria Aspan
U.S. Bancorp and Discover Financial Services, which have avoided the worst of the financial crisis, are getting a significant boost in their efforts to expand abroad from one of the banks that has been hit the hardest - Citigroup Inc.
In a pair of deals announced Monday, U.S. Bancorp bought Citi's Diners Club International merchant portfolio in Western Europe and agreed to process the brand's transactions in the region.
The sale came as part of Citi's continuing efforts to unload unwanted assets, and the processing contract is the latest in a string of deals Discover has struck this year aimed at increasing acceptance for ...