|Monday, 1 August 2011, 10:30 HKT/SGT|
TOKYO, Aug 1, 2011 - (ACN Newswire) - Citi, the leading global financial services company and JCB International (JCBI), the international operations subsidiary of JCB, announced today that they will extend their partnership by adding JCB credit card merchants in nine countries and territories throughout Asia. The agreement covers JCB acceptance in all of Citibank's acquiring markets in the region, enabling the bank's merchant base, both physical and ecommerce, to accept JCB cards across the region.
Citibank, the global retail and consumer banking business of Citi, will phase in JCB card acceptance for purchases at Citibank merchants in Hong Kong, Vietnam, Thailand, Philippines, Malaysia and Indonesia, together with expanding the existing relationships in Singapore, Taiwan and Guam. The bank targets to complete acceptance at all of its existing merchants which includes EC merchants as well as retailers within 18 months.
JCB and JCBI expanded the JCB card outside of Japan in 1981, celebrating their 30th anniversary of overseas growth this year. In recent years JCB and JCBI have been accelerating this expansion in Asia for the over 69 million JCB cardmembers, who are largely based in Asia, to offer increased flexibility and convenience for cardmemebers.
For Citibank, the alliance with JCBI will bring the bank's merchants more payment options and sales opportunities generated by the growing JCB cardmember base in Asia. With this transaction Citibank will be the only provider of acquiring services to merchants for all the major credit card brands in the world in markets across Asia Pacific.
Mr. Kimihisa Imada, Deputy President of JCBI said, "South East Asia, Hong Kong and Taiwan are some of the most important markets for JCB because of the strong growth and increased retail spending. We are delighted to commence a business tie with such an influential institution as Citibank, which has strong networks across these important markets. We are excited about the opportunities in this expanded relationship with Citibank to offer more of our clients access to our leading services both in EC market as well as in retail markets in the region."
"We are delighted to be further strengthening this important partnership with JCB and JCBI in these important markets where Citi has a long and rich history and excellent local relationships. This agreement means greater flexibility and convenience for our merchants and underlines our commitment to offer the leading services for our clients," said Surath Chatterjee, Citi Regional Head, AP Cards and Loans.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com .
JCB is a major global payment brand and leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding overseas in 1981. Its acceptance network includes over 18 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 15 countries and territories, with more than 69.3 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information, visit: www.jcbcorporate.com/english .
Note: JCB statistics included in About JCB are as of the end of March 2011.
JCB International Co., Ltd.
Topic: Press release summary
From the Asia Corporate News Network
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