Japanese Card Company Attracts Merger Investment

Published September 30, 2008, 1:00 a.m. EDT

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Updated September 30, 2008, 12:00 a.m. EDT

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OMC Card Inc., a Japanese credit card issuer and processor, says it will receive a 28.7 billion yen (US$270.7 million or 192.6 million euros) investment from Japan-based Sumitomo Mitsui Financial Group to help pay for a merger with two other Japanese credit card companies. OMC plans to take over Central Finance Co. and Quoq Inc. and form a company called Cedyna Financial Corp. next year, according to a statement from OMC and press reports. Sumitomo expects to complete the investment by 14 Oct. OMC, established in 1950, has about 9.6 million cardholders.

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