Banco Santander has bought the merchant technology assets of Wirecard as part of an expansion of Getnet, its merchant payment business.
The 500 Wirecard employees currently managing the tech part of the business are to join Santander and will remain in their locations as part of its global merchant services team.
The purchase follows the Wirecard financial scandal which saw the company file for insolvency after German authorities launched an investigation into the alleged misappropriation of €1.9 billion in funds earlier this year.
Santander is not the first company to buy assets from the disgraced German payment's processor. Paynetics UK purchased Wirecard's UK-based assets from the financial services provider last month.
Santander said that the acquisition does not include Wirecard companies and that it will not assume any legal liability relating to Wirecard AG and Wirecard Bank AG or its past actions.
“At Santander, we aim to provide the best payment solutions and services to our customers,” said Ana Botín, Banco Santander executive chairman. “The assets and talent we will gain as part of the acquisition will help us accelerate Getnet’s expansion plans in Europe, while also increasing our product development capacity.”
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