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30 Jun, 2020 12:08 30 Jun, 2020 12:08

Wirecard's US unit up for sale

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Troubled German payment outfit Wirecard's US unit has put itself on the auction block after ist parent company filed for insolvency on 27 June after approximately €1.9bn (£1.7bn) of cash on its books went missing.

In a statement, Wirecard North America Inc. said that an investment bank was coordinating the sale.

"Wirecard North America continues to operate without any disruption to clients and cardholders," said Seth Brennan, managing director of the unit.

"The strong, independent cash flow and financial position of Wirecard North America allow us to operate the business on a completely standalone basis."

Wirecard North America, previously Citi's Prepaid Card Services business, was purchased in 2016.

Cardholders and client funds remained safe and protected at its well-capitalized, independent US and Canadian partner banks, Sunrise Banks, Fifth Third Bank and Peoples Trust Company.

As of 11:48 BST, shares of Wirecard were trading 69.45% higher at €5.52.

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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.