Kazkommertsbank and Diners Club International Launch Franchise Activity in Kazakhstan
Kazkommertsbank to Be the Exclusive Issuer and Acquirer for Diners Club in Kazakhstan
RIVERWOODS, Ill. & ALMATY, Kazakhstan, September 15, 2016 –(BUSINESS WIRE)– Diners Club International Ltd., as part of Discover Global Network, and JSC Kazkommertsbank, one of the largest acquirers and credit card issuers in Kazakhstan, will commence Diners Club card business operations in Kazakhstan.
Kazkommertsbank will be the exclusive acquirer in Kazakhstan for Diners Club and other cards issued on Discover Global Network, which is made up of Discover Network, Diners Club and PULSE. The deal will enable acceptance at over 42,000 POS-terminals and 2,266 ATM locations throughout the country. Kazkommertsbank will also be the exclusive issuer of Diners Club cards in Kazakhstan, and is expected to begin issuing cards later this year.
“Kazakhstan is in a prime location for facilitating trade among countries throughout Asia and Europe, making it a pivotal country to help increase Diners Club’s presence in the region,” said Matt Sloan, managing director, Discover – Europe, Middle East and Africa. “Working with Kazkommertsbank will not only expand our global footprint, it will also allow Discover Global Network cardholders to use their cards throughout the country.”
“Our collaboration with Diners Club is another step toward the integration of Kazakhstan into the global economy, which increases the growth of tourism potential in our country,” said Nurlan Zhagiparov, managing director, Kazkommertsbank. “In the near future, Kazakhstan will become more attractive to foreign visitors thanks to significant events such as The Universiade 2017 and EXPO-2017. Expecting a great inflow of foreign tourists and business travelers, we try to provide them with the comfort they are accustomed to in settlements and payments. The additional benefit from collaboration with Diners Club is that the holders of cards issued for local payment systems of India, South Korea and certain other countries could be serviced via Discover Global Network. Which means that upon arrival to Kazakhstan they would be able to use their cards.”
A globally-recognized product, Diners Club cards are accepted in more than 185 countries and territories, millions of merchant locations and at more than 1 million ATMs and cash access locations.
About JSC Kazkommertsbank
Kazkommertsbank is one of the largest banks in Kazakhstan and Central Asia. The Bank’s assets as at November 30, 2015 amounted KZT 4 801 bn. The Bank has subsidiaries operating in the field of investment portfolio management, insurance and brokerage services. The Bank also has subsidiary banks in the Russian Federation and the Republic of Tajikistan. Bank’s main shareholders are: “Central Asian Investment Company” JSC, Mr. N.S. Subkhanberdin, “Qazaq Financial Group” JSC (former “Alnair Capital Holding” JSC), “NWF “Samruk-Kazyna” JSC, Mr. K.Kh. Rakishev
The Bank’s shares are listed on the “Kazakhstan Stock Exchange” JSC (KASE). Global depositary receipts, the basic asset of which is the Bank’s shares (GDR) are listed on the London Stock Exchange (LSE). The Bank was the first among the CIS banks completed an IPO in GDR form on the London Stock Exchange in November 2006, totaling USD 845 mln. For more information, visit www.kkb.kz.
About Diners Club International Ltd.
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, offering access to more than 700 airport lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions. With acceptance in more than 185 countries and territories, millions of merchant locations and access to more than 1 million cash access locations and ATMs, Diners Club, as a part of the Discover Global Network, is uniquely qualified to serve its cardmembers all over the world. Diners Club International is a wholly owned subsidiary of Discover Financial Services (NYSE: DFS), a direct banking and payment services company with one of the most recognized brands in U.S. financial services. For more information, visit www.dinersclub.com.
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 issues the Discover card, America’s cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the 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.discover.com/company.
Source: Discover Financial Services