Sectors

Core business is sold to the major Spanish bank Santander

The Wirecard employees can breathe a sigh of relief: There is a buyer for the core business of the bankrupt group – the Spanish Banco Santander. But the balance sheet scandal is not over yet.

The major Spanish bank Banco Santander is taking over the core business of the insolvent payment service provider Wirecard. Insolvency administrator Michael Jaffé announced that the sale was successfully concluded “despite the most unfavorable conditions”. Banco Santander will take over the technology platform from Wirecard in Europe as well as “all the necessary assets”.

At the same time, the majority of the remaining Wirecard employees will be “part of Santander’s global dealer service team,” added the insolvency administrator. This achieved the goal of finding “the best possible solution” for both the employees and the creditors. The employees now have a “positive perspective” again.

Jaffé and the company did not give financial details, the “Süddeutsche Zeitung” cites a sum of more than 100 million euros. 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 was allegedly involved in a billion-dollar balance sheet fraud.

Santander does not assume any legal risks from Wirecard

The bank does not take any legal risks of the scandal group, stressed Santander. 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 transaction is still subject to the approval of the antitrust authorities and, according to the insolvency administrator, should be completed “probably by the end of the year”.

The successful sale was “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.

U committee deals with Wirecard

Wirecard filed for bankruptcy at the end of June. The company had previously had to admit that it was unable to find funds of 1.9 billion euros on the balance sheet, which were supposed to be in Asian bank accounts.

The Munich I Public Prosecutor’s Office is investigating commercial gang fraud. On Thursday, a parliamentary committee of inquiry will again deal with the scandal – including possible omissions by the supervisory authorities.

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