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Wirecard’s core business goes to Santander | Free Press

Unsurprisingly, Santander won the race: the technology and business operations of the scandalous Wirecard group go to the big Spanish bank. The company does not assume any legal risk.

Aschheim / Munich (dpa) – Unsurprisingly, insolvent payment processor Wirecard’s core business is heading to major Spanish bank Banco Santander. The Spanish would take over the technology and business operations, so most employees could continue working, insolvency administrator Michael Jaffé said Monday night in Munich. Santander spoke of around 500 employees who joined the bank.

Jaffé and the company did not provide financial details. More recently, in addition to Santander, British mobile communications provider Lycamobile was competing for the core of the former Dax group, which was allegedly involved in a billion-dollar balance sheet fraud.

No Wirecard company would be legally absorbed, Santander stressed. The bank also does not take any legal risk from the scandal group. With the acceptance and issuance of credit cards, the core business of Wirecard’s payment services for merchants, Santander is strengthening its own subsidiary Pay Getnet, said Ana Botín, president of the Board of Directors.

The deal has yet to be approved by regulators. The transaction is expected to be completed by the end of the year.

Wirecard’s insolvency proceedings began almost three months ago. Previously, the group had to allow air bookings worth 1.9 billion euros. Former CEO Markus Braun is in custody, while former senior CEO Jan Marsalek, who has gone into hiding, is under investigation. The Munich prosecutor’s office is investigating, among other things, suspected gang fraud and breach of trust against former executives, including Braun.