Japan's Mitsubishi UFJ Financial Group has announced that it is transferring its subsidiary DC Card Trading, which offers co-branded Visa and MasterCard credit cards, to Card Business Services, another subsidiary of the Japanese finance firm.
The move is part of the group’s reorganization program following the April 1, 2007 establishment of Mitsubishi UFJ Nicos, which resulted from the merger of DC Card and UFJ Nicos.
As a result, the entire operations of DC Card Trading have been transferred to Card Business Services, a subsidiary of Mitsubishi UFJ Nicos, and DC Card Trading is to be liquidated.
The liquidation is expected to be completed by the end of October 2007.
This event is not expected to have any material effect on the previously announced business forecasts for MUFG and Mitsubishi UFJ Nicos for the current fiscal year.