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Wirecard's European business sold to Santander - insolvency administrator

Published 16/11/2020, 20:05
Updated 16/11/2020, 20:10
© Reuters. FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim

FRANKFURT (Reuters) - Wirecard's (DE:WDIG) insolvency administrator on Monday said a sale of the payment system provider's European technology platform to Spain's Banco Santander (MC:SAN) has been agreed.

Santander will take on employees in Wirecard's Acquiring & Issuing arm as well as the majority of the employees working in Wirecard Bank AG, insolvency administrator Michael Jaffe said in a statement. The transaction is expected to close by the end of the year, pending regulatory approvals, Jaffe said.

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