Mizuho Bank Ltd. revised its alliance on credit card business with Credit Saison Co. Ltd. to reflect changes in the industry since the original agreement in 2004.
Mizuho Bank and UC Card Co. Ltd., which are both subsidiaries of Mizuho Financial Group Inc., decided to revise their business alliance agreement with Credit Saison and Qubitous Co. Ltd. to allow all parties to remain competitive and grow their business.
Under the previous agreement, Credit Saison handled the credit-card issuing business and UC Card mainly handled the credit-card acquiring business, and they collaborated with one another to form a unified operation. Under the new agreement, both companies will develop their own issuing and acquiring businesses.
The companies will continue to work together in Mizuho Mileage Club Card, which is a joint business of Mizuho Bank and Credit Saison, and in expanding the processing business and development of a next generation IT system by Qubitous.