Citi to Align Majority of Consumer Proprietary Credit and Debit Portfolios to MasterCard
New York, NY and Purchase, NY – March 4, 2015 – Citigroup (NYSE: C) and MasterCard (NYSE: MA) announced today that the companies have signed a new and expanded 10-year agreement. Citi will begin aligning the company’s consumer proprietary credit and debit portfolios to the MasterCard network in 2015. Citi will continue to work with other networks, including on consumer co-brands and commercial cards.
“Citi’s new global agreement with MasterCard harnesses the size and strength of Citi’s Card franchise, creating a path with MasterCard to influence the future of payments – from global acceptance to the creation of enhanced digital payment capabilities,” said Jud Linville, CEO of Citi Cards. “Deepening our partnership with MasterCard should speed the delivery of solutions for our consumer, small business and merchant clients, and add meaningful value to Citi.”
“Citi is an important partner and the world’s largest credit card issuer, operating in the fastest-growing markets,” said Ajay Banga, president and CEO, MasterCard. “We look forward to expanding our work together to deliver innovative payment solutions to Citi MasterCard cardmembers that drive loyalty and a great consumer experience.”
For nearly 50 years, Citi and MasterCard have worked together to provide credit and debit cards to consumers and businesses of all sizes. Citi was one of the first major bank partners for MasterPass, which allows cardmembers to pay with any enrolled credit card anywhere online or in app, using any device, eliminating the need to enter payment and shipping details for each purchase.
Added Linville, “For almost half a century, MasterCard has been integral to Citi’s credit card business. MasterCard is well respected for their global leadership and role in driving payments innovation, and we are very pleased to continue our work together to make payments simpler, easier, and more secure.”
Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup 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 | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Statements in this press release which are not historical facts, including statements about MasterCard’s and Citi’s plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “believe”, “expect”, “may”, “would”, “will” and similar words are intended to identify forward-looking statements. Forward-looking statements speak only as of the date they are made. Accordingly, except for the companies’ ongoing obligations under the U.S. federal securities laws, the companies do not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.
Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the companies’ filings with the Securities and Exchange Commission (SEC), including their Annual Reports on Form 10-K for the year ended December 31, 2014 and Current Reports on Form 8-K that have been filed with the SEC, as well as reasons including difficulties, delays or the inability of the companies to achieve their strategic initiatives set forth above. Factors other than those listed above could also cause the companies’ results to differ materially from expected results.
# # #
Click here to subscribe to real-time alerts.