Wirecard North America seeks buyer, distances itself from German company

Wirecard North America seeks buyer, distances itself from German company

Reuters  | Jun 30, 2020 05:30

Wirecard North America seeks buyer, distances itself from German company

(Reuters) - Wirecard North America Inc, a unit of German payments company Wirecard AG (DE:WDIG), on Monday said it has put itself up for sale, days after the troubled parent firm filed for insolvency. The U.S.-based unit, which was bought by Wirecard in 2016, said an investment bank is coordinating the sale process. 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 company, adding that it remains "self-sustaining". (https://bwnews.pr/2Vrt332)

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 that its auditor EY said was the result of a sophisticated global fraud.

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

© Reuters. FILE PHOTO: A man walks past the Wirecard booth at the computer games fair Gamescom in Cologne, Germany

($1=0.8895 euros)

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Mon Sun
Mon Sun

FAKE NEWS!!! All “AG” Companies worldwide are all intergrated German Companies. We gradually begin to have selfmade news here on this podcast. Am out of here- this gas been repeated severally. Folks be careful what you read here!  ... (Read More)

Jun 30, 2020 05:59 GMT· Reply
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