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BMO Grabs More Corporate Card Market Share

Diners Club deal to add $7.8 billion in transactions to Toronto bank's business

By staff Writer | Updated on December 01, 2009

Toronto-based BMO Financial Group expects its planned acquisition of the Diners Club North American franchise from Citigroup, which gives it exclusive rights to issue the travel and entertainment expense cards to U.S. and Canadian corporate customers, will add about $7.8 billion in transactions to its T&E and purchasing card business.

While BMO already had a T&E card program, Diners Club’s worldwide franchise system will make it easy for BMO to set up accounts for global corporations and service customers in countries around the world, says Terry Wellesley, managing director for BMO Spend & Payment Solutions in North America.

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