Established in 2004, Procard Services is a specialized in services relating to electronic payment processing, credit card acceptance and the issuing of debit and credit cards, and the company has a regional customer portfolio. Kheireddine is the principal shareholder and CEO of the Lebanese Al-Mawarid Bank.
Wirecard said that the benefits in taking over Procard are the acquisition of both a regionally entrenched management and a team of staff members specially experienced in the field of payment processing. By joining forces with employees of Wirecard, will intensify its extension in regional terms.
According to the Wirecard, the contribution to earnings generated in fiscal 2011 in the amount of at least approximately €1m will predominantly be used for integration purposes.
For 2012 Wirecard expects that the acquired company will contribute approximately €1.5m euros to the group.
