Wise Group shares fell over 10% after regulators rejected its application to operate as a U.S. national trust bank.
The U.S. Office of the Comptroller of the Currency rejected Wise Group’s application to become a national trust bank, halting its U.S. banking ambitions. The decision triggered a more than 10% drop in Wise’s shares at Friday’s London market open.
Wise, known for its international money transfer services, sought the charter to expand its financial services in the U.S. The OCC did not provide specific reasons for the rejection. The company has not commented on potential next steps.
Shares of Wise (WSE) extended losses following the announcement, reflecting investor concerns over its U.S. growth strategy.