NEW YORK--(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.
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