With around 500 employees
Wirecard core business goes to Santander
As expected, Santander won the race: the technology and business operations of the scandalous group Wirecard go to the major Spanish bank. The company does not take any legal risks.
As expected, the core business of the insolvent payment processor Wirecard goes to the major Spanish bank Banco Santander. The Spaniards would take over technology and business operations, the majority of the employees could thus continue to be employed, said insolvency administrator Michael Jaffé on Monday evening in Munich. Santander spoke of around 500 employees who switched to the bank.
Jaffé and the company did not provide financial details. Most recently, in addition to Santander, the British mobile communications provider Lycamobile was in the running for the core of the former Dax group, which is allegedly involved in a billion-dollar balance sheet fraud.
No Wirecard companies would legally be taken over, stressed Santander. The bank also does not assume any legal risks from the scandal group. With the acceptance and issuing of credit cards – the core business of Wirecard’s payment services for merchants – Santander is strengthening its own paid subsidiary Getnet, said Ana Botin, Chairman of the Board of Directors.
The deal still has to be approved by regulators. The transaction is expected to be completed by the end of the year.
Wirecard’s insolvency proceedings were opened almost three months ago. Previously, the group had to allow air bookings in the amount of 1.9 billion euros. The long-time former CEO Markus Braun is in custody and the high-ranking ex-CEO Jan Marsalek who has gone into hiding is under investigation. The Munich public prosecutor’s office is investigating, among other things, suspected gang fraud and breach of trust against former executives, including Braun.