Banco Santander acquires technology assets and platform
Employees can join Santander – Aschheim site remains
In the insolvency proceedings concerning the assets of Wirecard AG, Wirecard Technologies GmbH and other companies of the Wirecard Group, the assets of the European core business were successfully sold after an intense investor process. Banco Santander will acquire the technology platform of the payment service provider in Europe as well as all highly specialized technological assets. Most employees currently managing the acquired assets will become part of Santander’s global merchant services team. This also applies to the majority of employees of Wirecard Bank AG, which will enter into a solvent wind-down process after the transaction has been completed. The transaction is subject to antitrust approval and certain other conditions and expected to close by the end of the year. Until closing date, Wirecard and Santander will jointly work to ensure a smooth transition to this new phase of the Wirecard service.
“We have completed the investor process for Wirecard Core successfully despite the most unfavorable conditions. This is even more remarkable because the whole process has been overshadowed by ever-new scandal reports of past events and initially no liquidity was available to maintain business operations. It is particularly pleasing that this result offers employees a positive perspective. Thus, we have achieved our goal of finding the best possible solution for employees and creditors,” comments insolvency administrator Dr Michael Jaffé.
With the acquisition of Wirecard’s acquiring and issuing business Santander intends to reinforce and accelerate its position in the payment services and related merchant business in Europe. The employees currently managing the acquired assets in highly qualified teams will become part of Santander’s global merchant services team under the umbrella of the Getnet global franchise. The acquisition will accelerate Getnet’s expansion in Europe, enhancing capabilities in e-commerce and multinational merchant servicing as well as other payment services.
With the sale, less than three months after the opening of insolvency proceedings the main businesses of Wirecard have been successfully sold. Dr Jaffé has already achieved disposals of the subsidiaries in Brazil, Romania and North America for the benefit of the Wirecard creditors. Currently, investor processes are still underway for other subsidiaries in Asia, South Africa and Turkey. Results are expected within the next weeks.
Press contact for the insolvency administrator