Wirecard's tech assets and platform has been bought by Banco Santander

CIOReviewIndia Team | Tuesday, 17 November 2020, 06:44 IST

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Wirecard's tech assets and platform has been bought by Banco Santander

Wirecard's insolvency administrator Michael Jaffe said that the payment system provider's technology platform had been sold to Spain's Banco Santander. 

 

"Banco Santander will acquire the technology platform of the payment service provider in Europe as well as all highly specialized technological assets," Jaffe said in a statement.

To accelerate its growth plans in Europe, Banco Santander also added, “To acquire several highly specialised technological assets from the merchant payments business of Wirecard in Europe.”

“The acquisition does not include Wirecard companies and Santander will not assume any legal liability relating to Wirecard AG and Wirecard Bank AG or its past actions,” Santander said.

Applying to the majority of employees of Wirecard Bank AG, most employees currently managing the acquired assets will become part of Santander's global merchant services team. 

Adding that assets from subsidiaries in Brazil, Jaffe said that Romania and North America have already been sold.Currently, investor processes are still underway for the sale of other Wirecard subsidiaries in Asia, South Africa and Turkey. 

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