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Home/News/Croatia’s ECC formally completes acquisition of Diners Club business in Serbia, Montenegro, Macedonia

Croatia’s ECC formally completes acquisition of Diners Club business in Serbia, Montenegro, Macedonia

Croatian card company Erste Card Club (ECC) said on Friday the process of assuming full ownership of Diners Club International Belgrade and Skopje-based Diners Club International Mak has officially been completed following regulatory approval.

ECC has also met all legal conditions stipulated in the sales and purchase contract initialed with Luxembourg-based SKB Capital S.A, the former owner of the Diners Club companies, in November 2016, it said in a statement.

Following the completion of the transaction, ECC has indirectly became the sole owner of Diners Club International Montenegro in Podgorica and DC Travel from Belgrade, it noted.

“We are happy that the transaction was successfully completed within the timeframe announced when the agreement was signed in November 2016, which serves as an extra confirmation of the seriousness of our intentions”, Marija Radonic, deputy president of ECC’s management board in charge of regional operations, is quoted saying.

“We can now focus all our efforts on our primary objective of further developing Diners Club operations in the markets of Serbia, Macedonia and Montenegro, and ensuring the superior quality of the services we provide to our clients,” she added.

Erste Card Club is a credit card company with over 550,000 issued credit cards in Croatia, Slovenia, and Bosnia and Herzegovina. It is owned by Erste&Steiermarkische Bank d.d. from Croatia and is a part of one of the biggest banking groups in Central and Eastern Europe, Erste Group, and its partner in this region, Graz-based Steiermarkische Sparkasse.