Spanish lender banco santander is spending about 100m for wirecards core business in europe in an exchange that marks an essential step to the dismantling associated with disgraced german repayments provider, which folded into insolvency come july 1st.

Some 500 employees will join spains biggest bank, which will be obtaining wirecards european technology system that processes electric repayments for merchants including its continuing to be credit card issuing business in european countries.

The offer ended up being established by wirecard administrator michael jaff and santander on monday evening. a couple familiar with the situation told the financial days that santander will pay about 100m.

The spanish loan provider trumped the actual only real various other remaining bidder for wirecards core assets, brit cellular virtual community operator lycamobile, according to one individual with first-hand understanding.

Santander said it can keep wirecards web sites in a munich suburb. wirecard workers becomes element of santanders repayments technology organization getnet.

The acquisition does not include wirecard organizations and santander cannot believe any legal obligation concerning wirecard ag and wirecard bank or its past activities, the spanish bank said.

Mr jaff stated wirecard bank would be wound straight down after the deal with santander had been finished.

Wirecard filed for insolvency in summer after disclosing that 1.9bn in corporate cash was lacking in one of the essential spectacular european accounting frauds. the company, which is dealing with an avalanche of legal actions from people which lost billions, had raised 3.2bn of debt.

Wirecards lenders will in wednesday meet in munich aided by the administrator for an overview for the winding-down of this company and any more proceedings.

Mr jaff stated in a statement on monday evening that the sale of wirecards core businesses in european countries had happened beneath the many unfavourable problems because the organization in june had no exchangeability in addition to sales negotiations were overshadowed by ever-new scandal reports of past activities.

The transaction is contingent on regulatory endorsement but anticipated to be closed by the end of the year.

Ana botn, santanders manager president, said the acquisition for the wirecard assets would assist the lender to speed up the development of the repayment solutions across european countries while also increasing our item development capacity.

Lycamobile did not straight away react to a request for comment.

The offer with santander uses last months purchase of wirecard the united states to us-based syncapay, a keeping organization that specialises in payment solutions. wirecards british payment card technology, consumers and some staff had previous already been taken in by railsbank, a visa-backed start-up.

The teams operations in brazil have also effectively hived down. mr jaff is in talks with prospective bidders for wirecard subsidiaries in asia, south africa and chicken. answers are anticipated next weeks, the administrator stated in a press release.