Toronto-based BMO Financial Group today announced it is acquiring the Diners Club North America franchise from Citigroup.

The deal will more than double BMO's corporate card business, bringing in net receivables of nearly $1 billion and $7.8 billion in card transactions, the bank said. BMO President and CEO Frank Techar said in a statement that the deal will make BMO one of the top commercial card issuers in North America.

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