Citi Sells Prepaid Card Services to Wirecard

July 5, 2016, Written By Natalie Rutledge
wirecard

LowCards is a Citi partner. View our full editorial disclaimer here.

Citigroup reached an agreement with Wirecard AG in which its Prepaid Card Services, including its 120 employees, will be transferred to Wirecard. This deal will bring Wirecard to the United States for the first time.

Munich-based Wirecard currently processes payments from 22,0000 retailers and online merchants. In Europe, it is second only to WorldPay.

According to a Reuters report, Wirecard believes this deal with Citi could add more than $20 million in earnings in the 2017 fiscal year.

The deal will be finalized after the banks have obtained regulatory approvals and other customary closing conditions. The transaction will likely close during the fourth quarter of 2016.

“This transaction is a positive outcome for our clients and employees of Citi’s Prepaid Card Services which will become part of an industry leader that is poised for growth. We are especially pleased that all Citi employees supporting this business will have the opportunity to join such an innovative company,” said Francesco Vanni d’Archirafi, CEO of Citi Holdings. “Today’s transaction marks yet another important milestone in our strategy to continue the reduction of assets and businesses in Citi Holdings.”



The information contained within this article was accurate as of July 5, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at [email protected]
View all posts by Natalie Rutledge