You are using an older browser version. Please use a supported version for the best MSN experience.

Wirecard North America seeks buyer, distances itself from German company

Reuters logo Reuters 30/06/2020
a close up of a sign: FILE PHOTO: A man walks past the Wirecard booth at the computer games fair Gamescom in Cologne, Germany © Reuters/Wolfgang Rattay FILE PHOTO: A man walks past the Wirecard booth at the computer games fair Gamescom in Cologne, Germany (Reuters) - Wirecard North America Inc, a unit of German payments company Wirecard AG , 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. a man standing in front of a sign: FILE PHOTO: First public day of the computer games fair Gamescom in Cologne © Reuters/Wolfgang Rattay FILE PHOTO: First public day of the computer games fair Gamescom in Cologne

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.

($1=0.8895 euros)

(Reporting by Kanishka Singh in Bengaluru; Editing by Shailesh Kuber)


Video: Wirecard collapses owing creditors $4 billion (Reuters)

UP NEXT
UP NEXT
AdChoices
AdChoices

View the full site

image beaconimage beaconimage beacon