Diners Club International® Ltd. and Industrial and Commercial Bank of China Ink New Franchise Agreement

  Diners Club International® Ltd. and Industrial and Commercial Bank of China
  Ink New Franchise Agreement

Business Wire

RIVERWOODS, Ill. & BEIJING -- August 09, 2012

Diners Club International® Ltd., a business unit of Discover Financial
Services (NYSE: DFS), and Industrial and Commercial Bank of China (ICBC), the
largest credit card issuer in China, today announced plans to bring a new
Diners Club International franchise to the Asia Pacific region.

As part of the agreement, ICBC will operate as the first full franchise in
China and is responsible for both the Diners Club brand and business in
issuing and acquiring. In terms of total assets, ICBC is one of the largest
banks in the world.

“As the world’s largest card market with 3.1 billion cards in circulation,
China is critically important to us as we continue to expand our global
footprint,” said Diane Offereins, EVP and President of Payment Services at
Discover Financial Services. “ICBC’s well-respected brand, successful banking
operations and significant influence in China make them an attractive partner
for us, and we believe their customers will benefit from the international
network and services that Diners Club provides.”

As a globally-recognized brand, Diners Club International is accepted in more
than 185 countries and territories, in millions of merchant locations and in
more than 845,000 ATMs and cash access locations all over the world. The
company offers best-in-class features and benefits and a network of unique
customer and merchant services.

“The mission of ICBC has always been to provide excellent services to our
customers and the launch of Diners Club cards will further enhance and
optimize the product offerings of ICBC, meet the individual needs of
customers, and provide more diverse scope of services to the cardholders,”
said  Mr. Li Xiaopeng, Executive Director, Vice President of Industrial and
Commercial Bank of China. “The signing of our partnership agreement will bring
mutual benefits and a win-win opportunity to both Industrial and Commercial
Bank of China and Diners Club International, and will effectively enhance and
elevate the market influence of both brands.”

This announcement comes on the heels of the U.S.-China Foundation for
International Exchanges’ recent presentation of the prestigious Marco Polo
Award to David Nelms, Chairman and CEO of Discover. The award recognizes the
most visionary corporate friends of China and is the highest honor given to a
foreign business leader.

About Diners Club International

Diners Club International is owned by Discover Financial Services (NYSE: DFS),
a direct banking and payment services company with one of the most recognized
brands in U.S. financial services. Established in 1950, Diners Club
International became the first multi-purpose charge card in the world,
launching a financial revolution in how consumers and companies pay for
products and services. Today, Diners Club is a globally recognized brand
serving the payment needs of select and affluent consumers as well as
providing companies with payments solutions. With acceptance in more than 185
countries and territories, millions of merchant locations and access to over
845,000 cash access locations and ATMs, Diners Club is uniquely qualified to
serve its cardmembers all over the world. For more information, visit
www.dinersclub.com.

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S. financial
services. Since its inception in 1986, the company has become one of the
largest card issuers in the United States. The company operates the Discover
card, America's cash rewards pioneer, and offers personal and student loans,
online savings accounts, certificates of deposit and money market accounts
through its Discover Bank subsidiary. Its payment businesses consist of
Discover Network, with millions of merchant and cash access locations; PULSE,
one of the nation's leading ATM/debit networks; and Diners Club International,
a global payments network with acceptance in more than 185 countries and
territories. For more information, visit www.discoverfinancial.com.

About Industrial and Commercial Bank of China

Industrial and Commercial Bank of China is the largest commercial bank in
China with 408,859 employees under payroll at the end of 2011. ICBC provides a
wide range of financial products and services to 4.11 million corporate
clients and 282 million individual customers through 16,648 outlets across
China, 239 overseas subsidiaries and a global network of more than 1,669
correspondent banks as well as Internet Banking, Telephone Banking and
Self-service Banking. ICBC is the largest bankcard issuer in China with more
than 400 million ICBC cards in force. In 2011, ICBC received many awards
including "Best Bank in China", "Best Retail Bank in China", "Best Commercial
Bank of Asia", "Bank of the Year", "People's Award for Social Responsibility",
and "Most Welcomed Bank of the Year".

Contact:

Media Contacts:
Diners Club International
Katie Henry, 224-405-4437
kathrynhenry@discover.com
or
Industrial and Commercial Bank of China Card Center
Ms. Li Ang, 86-10-6642-3869
liang@mdk.icbc.com.cn
 
Press spacebar to pause and continue. Press esc to stop.