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MASTERCARD REJECTS DEAN WITTER/MOUNTAIN WEST'S APPLICATION FOR MEMBERSHIP

 MASTERCARD REJECTS DEAN WITTER/MOUNTAIN WEST'S APPLICATION
 FOR MEMBERSHIP
 NEW YORK, June 22 /PRNewswire/ -- The MasterCard International board of directors and the MasterCard U.S. region board of directors disapproved and rejected an application for membership in MasterCard submitted by Dean Witter Financial Services Group on behalf of Mountain West Financial.
 Had the application been approved, Dean Witter, which issues the Discover Card through Greenwood Trust Company, would have Mountain West Financial issuing MasterCard(R) cards through its operations based in Utah. This decision was made at the U.S. region board meeting on April 8 and it was ratified at the global board meeting on June 18.
 Dean Witter/Mountain West's application for MasterCard membership was submitted in March. After reviewing the application, MasterCard management strongly recommended to the U.S. and global boards that it be rejected on several grounds, principally, that Discover is a significant competitor of the MasterCard payment system.
 Commenting on the decision, Peter S.P. Dimsey, president of the MasterCard International U.S. region, said, "Discover wants to both compete with and participate in the MasterCard franchise. They can't have it both ways. We are firmly opposed to the entry of a competitor such as Discover who would seriously undermine the value of our franchise."
 -0- 6/22/92
 /CONTACT: Steve Apesos of MasterCard International, 212-649-5476/ CO: MasterCard International ST: New York IN: FIN SU:


CK-OS -- NY026 -- 2301 06/22/92 10:34 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
Words:240
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