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| Wednesday, 15 October 2008, 15:49 HKT | |
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Source: JCB | |
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Dubai, Oct 15, 2008 - (ACN Newswire) - JCB and JCB International announced today that, in collaboration with ORIX Corporation (ORIX) and Majid Al Futtaim Group (MAF Group), a joint venture credit card company Majid Al Futtaim JCB Finance LLC (MAF JCB), has been established in Dubai.
Based in the UAE, whose affluent tourist resources and stable growth in consumer spending promise a growing credit card market, MAF JCB will issue JCB credit cards and promote license partners throughout the Middle East and North Africa.
MAF Group is a close partner of ORIX, who is looking to enter into new business opportunities in the Middle East. MAF Group has invested in ORIX subsidiaries in Pakistan, Oman, Egypt, as well as the joint venture corporation MAF ORIX Finance PJSC, established in the UAE in 2002.
JCB, who aims to enhance their brand throughout the Middle East and North Africa, signed a joint venture agreement with MAF Group in January 2007 through an introduction coordinated by ORIX, a strategic partner of JCB. The three companies have been proactively working together to create a card company in the Middle East that provides attractive card services not offered by any other international brand.
Benefiting from JCB's credit card business expertise and ORIX's experience in international finance, MAF JCB aims to meet the credit card needs of the market while playing a central role in strengthening MAF Group's customer services and marketing strategies.
Starting today, MAF JCB is accepting applications for the first JCB international brand card in the UAE, the Najm JCB credit card (Najm means "star" in Arabic) at Carrefour and other MAF Group operated retail facilities.
MAF JCB will look to contribute to economic growth in the region through expanding into 19 countries throughout the Middle East and North Africa, thereby further promoting the JCB international brand and presence.
About MAF JCB
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Name: Majid Al Futtaim JCB Finance LLC
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Capital: 60 million UAE Dirham
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Location: Dubai, United Arab Emirates
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Investor ratio:
MAF Ventures LLC 60%
ORIX Corporation 30%
JCB International Co., Ltd. 10%
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Employees: 50 (as of October 2008)
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Business areas: Credit card issuance, JCB brand development
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About Majid Al Futtaim Group
Majid Al Futtaim Group is the region's most prominent property and shopping malls developer. The Group opened its first shopping mall in 1995 and has since created businesses of international significance which have changed the face of shopping, entertainment and leisure in the Middle East and North Africa (MENA). Over the past decade the Group has taken his groundbreaking concepts into other major cities in the United Arab Emirates and throughout the Middle East and North Africa.
The Group consists of a number of core businesses that complement one another, yet are separately managed. This provides maximum flexibility and potential, enabling the operating divisions to seize their own opportunities yet work together on major projects.
The Group is widely known for its iconic and internationally recognized Mall of Emirates, the largest shopping resort outside North America. Mall of the Emirates is also home to Ski Dubai, the first indoor ski resort in the region. The emphasis on great design, critical tenant mix and customer focus gives the Group an exceptional portfolio of impressive projects.
About ORIX
ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 26 countries and regions worldwide, ORIX's activities include corporate financial services, such as leases and loans, as well as automobile operations, rental operations, real estate-related finance, real estate, life insurance, and investment banking. For more details, please visit our website at: www.orix.co.jp/grp/index_e.htm
About JCB
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes over 23 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 16 countries and territories, with more than 78 million Cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and Cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, visit: www.jcbcorporate.com/english .
Contact:
ORIX Corporation
Corporate Communications
Greg Melchior
Tel: +81-3-5419-5042
Fax: +81-3-5419-5901
E-mail: orixir@orix.co.jp
URL: www.orix.co.jp/index_e.htm
JCB
Kazumi Kinoshita
Supervisor
International Strategy Planning Department
JCB Co., Ltd.
+81-3-5778-8390
kazumi.kinoshita@jcb.co.jp
Oct 15, 2008
Source: JCB
Topic: Corporate Announcement
Sectors: Consumers, Financial General
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2013 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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