Wirecard North America up for sale, distances itself from parent firm

Wirecard North America up for sale

WASHINGTON (US) – Wirecard North America Inc, a unit of German payments company Wirecard AG on Monday said it has put itself up for sale. This comes days after the beleaguered parent company filed for insolvency. The US-based unit, which was bought by Wirecard in 2016, said an investment bank is overseeing the sale. The unit was formerly known as Citi Prepaid Card Services.

It did not provide further details but said Wirecard North America is a separate legal and business entity of Wirecard and is “substantially autonomous” from the German parent firm.

Last week, Wirecard filed for insolvency owing creditors almost $4 billion after disclosing a 1.9 billion euro ($2.14 billion) hole in its accounts.

The company said on Saturday it would proceed with business activities after the insolvency filing and an administrator was appointed on Monday.

(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field

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