Wirecard North America seeks buyer, distances itself from German company

📆 6/30/2020 1:59 AM
📰 Reuters

⏱ Reading Time:
30 sec. here
2 min. at publisher
📊 Quality Score:
News: 15%
Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

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.

FILE PHOTO: A man walks past the Wirecard booth at the computer games fair Gamescom in Cologne, Germany, August 22, 2018. REUTERS/Wolfgang Rattay/File Photo

- 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”. Last week, Wirecard filed for insolvency owing creditors almost $4 billion after disclosing a 1.9 billion euro 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.

Write Comment

This photo speaks... big code here.

ken and karen st louis | McCloskey St. Louis Couple Pull Guns on Protesters

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Google's possible North acquisition could help revive its AR glasses ambitions - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »