Santander has acquired part of Wirecard's core business. This was announced by the Spanish bank itself. This is not a large-scale purchase by the German payments giant, which is the subject of a major financial scandal.
In fact, Santander has reached an agreement with bankruptcy administrator Michael Jaffé to acquire high-tech assets specialized in commercial payments.
The acquisition will be essential for the expansion of Getnet, one of Santander's subsidiaries, in the European market. In fact, the products acquired by Wirecard will allow the expansion of electronic commerce and multinational commerce as well as means of payment. It is no accident that the assets acquired include payment solutions.
Last October Santander announced its intention to combine its payment activities, including Getnet, in a single solution called PagoNxt, which will have to compete with other global realities. The new company will focus on:
- solutions for merchants;
- business solutions for SMEs that trade internationally;
- digital consumer products and services.
With the agreement, 500 Wirecard employees will become Santander employees without being relocated.
Santander, obviously, will not assume legal responsibility for the facts related to Wirecard AG and Wirecard Bank AG that are being investigated by the German authorities.
Ana Botín, CEO of Santander stated:
“At Santander, our goal is to provide the best payment solutions and services to our clients. The assets and talent that we will gain as part of the acquisition will help us accelerate Getnet's expansion plans in Europe, while increasing our product development capabilities. "
Santander resurrects Wirecard after scandal
The Santander acquisition brings Wirecard back to life after the scandal it experienced. The German payments giant revealed last June a deficit of 1.9 billion euros that it would be deposited in trust banks in the Philippines but that it did not exist.
Former CEO Markus braun this arrested, while an international arrest warrant was issued for another former board member, Jan Marsalek, who has not been available since June.