Henry Sy acquires Diners Club portfolio from Dy family
BDO Unibank Inc., the banking arm of the family of Bilyonaryo Henry Sy, has inked an agreement with the Dy family’s Security Bank Corp. to acquire the exclusive rights to issue Diners Club cards in the Philippines.
Acquiring the Diners Club franchise offers the best of both worlds for BDO, combining the benefits of worldwide MasterCard acceptance and the strength of Diners’ capabilities and highly regarded rewards program.”
Diners Club is recognized around the world as a premier card program for employee travel and entertainment expense cards.
The acquisition, which is subject to certain approval requirements, includes SB Cards’ existing Diners Club portfolio and its cardholder base. The deal is expected to be completed within two to three months.
BDO said its partnership with Diners Club International would further strengthen its card portfolio in the country. The Sy-owned lender currently has the most card brands in the country, being the issuer for MasterCard, Visa, American Express JCB and UnionPay.
“BDO knows that acquiring the Diners Club portfolio will allow us to deliver new customer benefits to our card members. SB Cards has built a quality portfolio, and we are excited to work with those cardmembers as well as start to issue new Diners Club cards,” said Rolando C. Tanchanco, executive vice president at BDO.
For her part, SB Cards president, Ma. Cristina A. Tingson, said “the move is a strategic decision to focus on our existing card issuing business with MasterCard as our main credit card offering which we will actively expand and strengthen for our customers.
Our card business remains to be a critical leg of our Retail Bank, a crucial driver of the overall growth strategy of Security Bank,” Tingson said.
“During the interim period, we will still provide systems and operational support to ensure the seamless transition of the business to BDO,” she added.