London-based Railsband has confirmed its decision to acquire the remaining U.K. assets of scandal-plagued German fintech, Wirecard Card Services, which includes its clients and a number of employees, according to a reportin Finextra.

Railsbank confirmed it has given a purchase term sheet to WCS, and the deal should be finalized by November. The company decline to comment on the amount of purchase.

"We are aware of recent press coverage around a potential transaction with Railsbank Technology Ltd," a spokesperson for Wirecard said in the report. "We are continuing our discussions with Railsbank, but no final transaction documents have yet been agreed. We are also continuing to work on other contingency planning for the business. We expect to be able to comment further in due course. In the meantime, the company is processing card transactions as usual."

WCS once handled card payments for approximately 70 UK clients, many of whom became entangled in the accounting scandal of the now insolvent German parent, Wirecard AG. The company's Brazil division has already been purchased and now with the U.K. division under agreement, the next piece of the company that will be up for bid will be the North American operation.

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