Citi Announces Sale of Prepaid Card Services to Wirecard
June 29 2016 - 12:34PM
Business Wire
Citigroup today announced that it has reached a definitive
agreement to sell its institutional Prepaid Card Services to
Wirecard AG. The operations of Prepaid Card Services, including its
approximately 120 employees, will be transferred to Wirecard upon
closing.
Francesco Vanni d'Archirafi, CEO of Citi Holdings said, “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. Today’s transaction
marks yet another important milestone in our strategy to continue
the reduction of assets and businesses in Citi Holdings.”
Subject to obtaining regulatory approvals and other customary
closing conditions, the transaction is anticipated to close in the
fourth quarter of 2016.
Citi’s Institutional Clients Group advised Citi on this
transaction. Skadden, Arps, Slate, Meagher & Flom LLP, Sidley
Austin LLP and Schwartz & Ballen LLP served as legal advisors
to Citigroup.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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