SunTrust Banks (NYSE: STI) announced Thursday that the commercial bank will convert its debit card program from Visa to MasterCard late this year, according to Associated Press.
SunTrust said it plans to issue about 5 million MasterCard debit cards after the conversion.
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Terms of the agreement were not disclosed.
In addition to the new MasterCard debit cards, SunTrust will expand its current commercial card offering to include MasterCard branded commercial credit cards.
SunTrust will continue to offer Visa branded cards as an option for some consumer and commercial credit products.
SunTrust shares rose 92 cents, or 4 percent, to $23.70 at Thursday’s close.
MasterCard Inc. rose $4.33, or 1.7 percent, to $260.48. Throughout the day, the stock reached its 52-week high of $261.84.
Visa Inc. rose 30 cents to $87.44.
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