Banco Santander has acquired all the specialized technological assets of the WireCard distributed across Europe. However, the acquisition is only restricted to the payment platform, not other Wirecard subsidiaries such as Wirecard AG and Wirecard Bank AG. The will be completed by the end of the year 2020 with all required regulatory approvals.
The Spanish lender confirmed an estimated 500 Wirecard employees would join Santander. Most employees of Wirecard who are managing the acquired assets will be absorbed into Santander’s global merchant service team. According to sources, Santander is going to pay 100 million euros to acquire the assets.