trending Market Intelligence /marketintelligence/en/news-insights/trending/uS1GJ82ErLRF8r1X6ZOeQQ2 content esgSubNav
In This List

MB Financial seeks to acquire Citibank's prepaid card portfolio

Video

S&P Capital IQ Pro | Powering Your Edge

Podcast

Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Blog

Banking Essentials Newsletter: September Edition


MB Financial seeks to acquire Citibank's prepaid card portfolio

Chicago-based MB Financial Bank NA is seeking to acquire a portfolio of prepaid card accounts from Citibank NA, according to an application filed with the Office of the Comptroller of the Currency recently acquired by S&P Global Market Intelligence.

Under the agreement struck Sept. 20, MB Financial will assume the Citigroup Inc. unit's account liabilities totaling $189.0 million on 260,620 prepaid card accounts.

In connection with the transaction, MB Financial also entered into an agreement with Wirecard AG, which acquired Citibank's institutional prepaid card services. MB Financial will issue all existing and future prepaid card accounts and Wirecard will administer and service the accounts.

MB Financial seeks OCC approval for the deal by Oct. 31. The MB Financial Inc. unit expects the prepaid card accounts to be transferred in the first quarter of 2018.