German payment services provider Wirecard has agreed to buy the customer portfolio of Citi’s merchant acquiring business in 11 markets in Asia Pacific.

The deal includes the entire customers for merchant acquiring services in Singapore, Hong Kong, Macau, Malaysia, Taiwan, Indonesia, Philippines, Thailand, India, Australia and New Zealand.

The portfolio covers a client base of over 20,000 merchants including in airlines/ travel, financial services, luxury goods, retail as well as technology and telecommunications.

Wirecard believes that its strong imminent technology and innovation leadership will help in extending its value chain even further. The company aims to foster its core services in technology-led acquiring and payment processing.

Additionally, it will strengthen Wirecard’s payment business by establishing additional latest omni-channel front-end solutions, based on a global payment gateway, mobile POS, mobile and online payment solutions as well as database value added services.

Commenting on the deal, Wirecard CEO Markus Braun said: “We are excited that with this acquisition we will extend our market leading position in APAC.

“As a technology-led acquirer, we furthermore expect to gain strong synergies with our integrated payment eco system.”

Citi Asia Pacific regional head of merchant acquiring Sean Hesh said: “This sale is consistent with Citi’s strategic objective to efficiently allocate resources to grow our core businesses and products.

“The sale of the Merchant Acquiring businesses in Asia is consistent with our global strategy, whereby Asia is the last remaining region in Citi with Merchant Acquiring businesses. We are pleased to have reached this agreement with Wirecard who will invest further in what is a core asset for them.”

The transaction is expected to conclude in stages by June 2018.