Toronto-based BMO Financial Group expects its plannedacquisition of the Diners Club North American franchise fromCitigroup, which gives it exclusive rights to issue the travel andentertainment expense cards to U.S. and Canadian corporatecustomers, will add about $7.8 billion in transactions to itsT&E and purchasing card business.

While BMO already had a T&E card program, Diners Club'sworldwide franchise system will make it easy for BMO to set upaccounts for global corporations and service customers in countriesaround the world, says Terry Wellesley, managing director for BMOSpend & Payment Solutions in North America.

Wellesley cites the Diners Club rewards program as anotherattraction, as well as the data Diners Club can provide tocustomers about their transactions. “In the Diners system, they canconsolidate information about transactions anywhere in the worldand get it broken down any way, shape or form,” he says.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.