Citigroup sells Diners Club operations to BMOCitigroup said Tuesday it reached an agreement to sell its Diners Club Diners Club International, originally founded as Diners Club, is a credit card company formed in 1950 by Frank X. McNamara, Ralph Schneider and Casey R. Taylor. When it first emerged, it became the first independent credit card company in the world. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. card business to BMO BMO Bank of Montreal (Canada) BMO Before Market Open BMO Biometrics Management Office BMO Ballistic Missile Office BMO British Mathematical Olympiad BMO Balkan Mathematical Olympiad BMO Business Management Office Financial Group (BMO). The deal gives BMO exclusive rights to issue Diners cards in the US and Canada. Details of the deal were not disclosed, but Citi said it would reduce its assets by around one billion dollars, with no major impact on Citi's net income or capital ratios. The transaction is expected to close by March 31, subject to regulatory approvals. The sale is part of a strategy by Citi, which has received some 45 billion dollars in capital from the US Treasury to shore up its finances during the financial crisis, to slim down and concentrate on core banking operations. In 2008, Citi sold the international Diners Club operations to Discover Financial Services for 165 million dollars. Diners Club launched the first general purpose credit card in 1950 and continues to market itself as an upscale card brand. 
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