The Diners Club North American franchise from Citigroup Inc., will soon be purchased by BMO. This purchase will more than double its corporate card business. An increase of $7.8 billion in card transactions and net receivables of nearly $1 billion will only make BMO more competitive in the North American commercial card market.
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"The Diners Club North American franchise brings new card members to our company, provides attractive additional options for our existing customers and makes us an even more compelling choice in the market for prospective commercial customers in Canada and the United States," Frank Techar, president and CEO of personal and commercial banking at BMO Bank of Montreal, said in a statement.
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