Wirecard’s European business sold to Santander: insolvency administrator

FRANKFURT (Reuters) – Wirecard’s insolvency administrator on Monday said a sale of the payment system provider’s European technology platform to Spain’s Banco Santander 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.

(Reporting by Edward Taylor; Editing by Leslie Adler)