DGAP-News

Wirecard AG announces its market entry into North America by the acquisition of Citi Prepaid Card Services

DGAP-News: Wirecard AG / Key word(s): Takeover
Wirecard AG announces its market entry into North America by the acquisition
of Citi Prepaid Card Services

29.06.2016 / 18:29
The issuer is solely responsible for the content of this announcement.

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- Citi Prepaid Card Services, with its global footprint, launched and
successfully managed over 2,500 programs associated with top companies and
brands across the world
- Clients are leading telecommunication service providers, health sciences
companies, global IT and electronics manufacturers, internet and consumer
goods corporations as well as public sector clients

Aschheim (Munich), Germany. Wirecard AG, a leading global payment and
issuing company, today announced that it has reached a definitive agreement
to acquire Citi Prepaid Card Services. Citi Prepaid card services have
launched over 2,500 client programs, associated with top companies and
brands across the world, primarily in North America.

Subject to obtaining regulatory approvals and other customary closing
conditions, closing is expected as early as the fourth quarter of 2016.
Wirecard will be assuming all current staff with more than 100 employees at
the head office in Conshohocken (Philadelphia) and 20 employees at
different international hubs.

Markus Braun, CEO of Wirecard AG commented: "This acquisition extends
Wirecard AG's global presence into the North American market. On an
operating level we look forward to sustainably enriching their existing
product portfolio via our innovative issuing solutions" and adds: "We look
forward to working together with a highly experienced management team and
staff who will contribute their dedicated knowledge with the implementation
of complex corporate solutions."

Francesco Vanni d'Archirafi, CEO of Citi Holdings said, "This transaction
is a positive outcome for our clients and employees of Citi Prepaid Card
Services which will become part of an industry leader poised for growth. We
are especially pleased that all Citi employees supporting this business
will have the opportunity to join such an innovative company."

The customer portfolio of the acquired business consists of leading
telecommunication service providers, health sciences companies, global IT
and electronics manufacturers, internet and consumer goods corporations as
well as public sector clients. The portfolio is largely comprised of
incentive and compensation cards as well as corporate disbursement
programs.

The acquired prepaid card business will benefit from integrating with