JCB WORLD REPORT
JCB Established Joint Venture Credit Card Business in the UAE in Cooperation with ORIX and Majid Al Futtaim Group: Launch of the first JCB card in the UAE
n Dubai, the United Arab Emirates, JCB International (JCBI) established a joint venture credit card company, Majid Al Futtaim JCB Finance LLC (MAF JCB), with its esteemed partners, ORIX Corporation (ORIX) and Majid Al Futtaim Group (MAF Group), in October 2008. Also, on the day of the announcement of the creation of MAF JCB, the company unveiled the very first JCB branded credit card, the Najm (means “star” in Arabic). The Najm JCB Credit Card is welcomed at all UAE merchants, offering shoppers unparalleled value especially at Carrefour, the French hypermarket chain, in the UAE. This also marked the first JCB branded card issuance in the country. I
MAF Group has been a close partner of ORIX, who had been looking to enter into new business opportunities in the Middle East. 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
actively working together to create a card company in the Middle East that provides
card needs of the market while playing a central role in strengthening MAF Group's customer services and marketing strategies. MAF JCB will look to expand into 19 countries throughout the Middle East and North Africa, thereby further promoting the JCB international brand and presence.
Mr. Tamio Takakura, President and Chief Executive Officer at JCB Co., Ltd. (JCB), said, “In order to contribute to the region's credit card industry, JCB is committed to supporting this new undertaking by sharing our payment brand expertise, as well as our experience as the largest credit card issuer group in Asia. By combining the strength of the three visionary companies, MAF JCB will bring a new, unique and valuable choice to this market. We are thrilled to participate in the new company's success, not only in the United Arab Emirates but across the Middle East and North Africa.”
About MAF JCB Name: Capital: Location: Investor ratio:
Majid Al Futtaim JCB Finance LLC 60 million UAE Dirham Dubai, United Arab Emirates
Liquid Star - Gold Credit Card
Benefiting from JCB's credit card business expertise and ORIX's experience in international finance, MAF JCB aims to meet the credit
MAF Ventures LLC ORIX Corporation JCB International Co., Ltd.
50 (as of October 2008)
Business areas: Credit card issuance,
JCB brand development
60% 30% 10%
Liquid Star - Silver Credit Card
Stained Glass - Gold Credit Card
Stained Glass - Silver Credit Card
At the press conference. (From left) Mr. Tamio Takakura, President and Chief Executive Officer at JCB Co., Ltd., Mr. Ahmed Bin Brek, Chief Executive Officer at Majid Al Futtaim Ventures LLC, Mr. Yukio Yanase, Chief Operating Officer at ORIX Corporation, Mr. Rasool Hujair, Chief Executive Officer at Majid Al Futtaim JCB Finance LLC
Note: Job titles and departments are those at the time of the event.