Santander: buys Wirecard's European platform

(CercleFinance.com) - Spanish banking giant Santander will acquire German payment service provider Wirecard's technology platform in Europe, along with all its specialist technological assets, after the group recently filed for bakruptcy.


This announcement was made by Michael Jaffé, the fintech company's insolvency administrator last night .

Under the deal, most employees currently managing the acquired assets will become part of Santander's global merchant services team, said Jaffé, one of the most renowned insolvency administrators in Germany.

The transaction also applies to the majority of employees of Wirecard Bank, which will enter into a solvent wind-down process after the deal has been completed by the end of the year.

Processes are still underway for other Wirecard subsidiaries in Asia, South Africa and Turkey, Michael Jaffé said, with results expected within the next weeks.

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