Citigroup is selling its Diners Club North American franchise to Bank of Montreal, The Wall Street Journal reports. The deal will give the Canadian chartered bank the rights to issue Diners cards in the U.S. and Canada.

Financial terms of the deal, which is expected to close before the end of March, have not been disclosed. The acquisition will more than double BMO’s corporate credit-card business, adding $7.8 billion in card transactions and net receivables of $1 billion.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Financial Times.