Wirecard closes sales of core property to Banco Santander group
31 January, 2021
Wirecard's insolvency administrator said the sales of the business's European technology resources to Spain's biggest lender Banco Santander has been completed.
The transaction was closed on January 28 despite "challenging circumstances," insolvency administrator Michael Jaffé said in a statement.
Around 500 Wirecard personnel will sign up for Santander's Getnet platform.
"With the successful sale to Santander we've achieved our goal of finding the greatest solution for employees and creditors," Mr Jaffé said.
Munich-based mostly Wirecard, which started as a FinTech star and finished at the center of Germany's biggest fraud case, filed for insolvency over June 25.
The most recent sale is area of the insolvency proceedings concerning the assets of Wirecard AG and Wirecard Technologies.
In mid-November this past year, Banco Santander and insolvency administrator Mr Jaffé signed a deal for the sales of the European technology platform of the insolvent repayment service provider and highly specialised technological assets.
Santander ideas to accelerate the development of its merchant repayments business, Getnet, in Europe and expand it at a good pan-European level with the acquisition of Wirecard possessions, the statement said.
The insolvency administrator has recently sold several other elements of Wirecard group worldwide. These include Wirecard North America's sale to Syncapay, Wirecard Brazil's sale to PagSeguro and Wirecard Romania's sales to SIBS.
Before its collapse, Wirecard had been lauded as a European FinTech star and was the most recent person in the Dax 30 - the index of the largest German companies listed on the Frankfurt STOCK MARKET - using its valuation peaking at €24 billion ($29bn) in August 2018.
This past year, on April 27, accountancy firm KPMG posted the findings about an independent audit commissioned by German payment processing giant Wirecard in the hope it could quash a lot of the detrimental publicity that had surrounded the business over the previous 18 months.
Rather, KPMG's verdict - that it couldn’t verify whether vast levels of the company’s earnings and earnings were genuine - dispatched Wirecard into a unpredictable manner that finished with it entering into insolvency on June 25, soon after declaring a €1.9bn hole in its accounts, and the arrest of many of key executives in suspicion of accountancy fraud.
Source: www.thenationalnews.com
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