ICBC to become Diners Club full franchise in China

Discover Financials business unit Diners Club International has partnered with Industrial and Commercial Bank of China (ICBC) to form a new franchise in China. Under the agreement, ICBC will be responsible for Diners Club brand and business in issuing and acquiring. ICBC is the largest card issuer in the country with more than 400m cards issued up until October 2011, and the world's biggest bank by market value, with a market cap of USD 206 bn. "ICBC's well-respected brand, successful banking operations and significant influence in China make them an attractive partner for us," said Diane Offereins, executive vice-president and president of payment services at Discover Financial Services. This is only the last step of Discover Financials expansion in emerging economies card markets. In 2011, Discover Financial extended its franchising operations partnering with HDFC Bank and Russian Standard Bank, both the largest card issuers in India and Russia respectively. "As the world's largest card market with 3.1 bn cards in circulation, China is critically important to us as we continue to expand our global footprint," said Offereins.