Wirecard: Santander takes over core business

Wirecard headquarters in Aschheim near Munich

Santander will take over around 500 employees from the payment service provider.

(Photo: dpa)

Frankfurt Even in Munich, many employees fell from the clouds. Insolvency administrator Michael Jaffé surprisingly announced on Monday evening that the sale of the European core business of the insolvent payment service provider Wirecard had been successful.

“In the insolvency proceedings over the assets of Wirecard AG, Wirecard Technologies GmbH and other companies of the Wirecard Group the European core area was sold after an intensive investor process. Bank Santander will take over the technology platform of the payment service provider in Europe as well as all the necessary assets, ”said the Jaffé law firm. The second remaining bidder, the British telecommunications group Lycamobile, will not be eligible.

The Wirecard bank will not be taken over by Santander. “At the same time, the majority of all remaining Wirecard employees in the Acquiring & Issuing division will become part of Santander’s global dealer service team. This also applies to the majority of the employees of Wirecard Bank AG, ”the insolvency administrator appointed at the end of June continued. The institute should “be shut down in an orderly manner after the transaction has been completed in close coordination with the supervisory authorities”.

As can be seen from a communication sent by Santander shortly before, around 500 employees are affected by the relocation and will be taken over. Most recently, fewer than 580 of the 1600 employees at the Munich headquarters had worked for the insolvent group.

Click here for the Handelsblatt Crime podcast: There, Felix Holtermann and Ina Karabasz discuss the “Wirecard case” with investigators, insiders and experts.

“We were also able to successfully complete the investor process for Wirecard’s core business despite the most unfavorable conditions. This is all the more remarkable as the entire process was overshadowed by new scandal reports about events in the past and initially no liquidity was available to maintain business operations, ”said Jaffé. “We have thus achieved our goal of finding the best possible solution for the employees and the creditors,” said the insolvency administrator.

According to financial circles, the purchase price is around 100 million euros. Santander is taking over Wirecard employees and technology, but not Wirecard customers. The 500 employees who have been taken over are to be given long-term prospects within the fast-growing Santander business.

What happened to the remaining employees was initially unknown. Corporate groups speak of the fact that employees will continue to remain within the AG for processing.

The former Dax group Wirecard slipped into bankruptcy at the end of June in the wake of a billions in accounting scandal. Previously, 1.9 billion euros in corporate assets in Asia had proven to be highly unlikely to exist. Leading top managers are in custody, including ex-CEO Markus Braun.

More: Sale of Wirecard’s core business: these are the advantages and disadvantages of potential buyers


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