Wirecard's US unit up for sale
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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