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MB Financial seeks to acquire Citibank's prepaid card portfolio

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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.