Banco Santander acquires technology assets from Wirecard to accelerate Getnet’s expansion

Banco Santander acquires technology assets from Wirecard to accelerate Getnet's expansion

Banco Santander has announced that it has reached an agreement with the manager of several Wirecard entities, Dr. Michael Jaffé, and Wirecard Bank AG to acquire several specialized technology assets from Wirecard’s merchant payment services business. The acquisition of these assets reinforces the entity’s global position in this type of business, where the entity already has a strong presence thanks to Getnet.

In this regard, Ana Botín, president of Banco Santander, assured that “our objective is to offer our clients the best products and payment solutions. The technology assets and Wirecard talent we gain from this purchase will accelerate Getnet’s expansion in Europe, while enhancing our product development capabilities. “

Some 500 employees who currently manage the acquired assets will become part of Santander. These workers will continue to work where they currently are, but will be part of Santander’s global merchant services team under the Getnet global franchise.

This acquisition will accelerate Getnet’s expansion in Europe with improvements in its capabilities in electronic commerce and with large international merchants, as well as in other payment services. The assets acquired allow the expansion of the global architecture of the bank’s open platform of payment solutions and offer other synergies for Banco Santander in terms of international trade and payments.

Specifically, Santander will take its merchant payment platform to other countries, as it has already done in Latin America. The assets acquired include payment solution technologies for merchants linked to acquisition and issuance services.

The acquisition does not include Wirecard companies and Santander does not assume any legal responsibility regarding Wirecard AG or Wirecard Bank AG or actions taken in the past. The closing of the operation is expected before the end of the year and is subject to some conditions, such as regulatory approvals. Until then, Santander and Wirecard will work together to ensure current customers, suppliers and partners a smooth transition to the new phase of Wirecard. The details of this plan will be communicated before the closing of the operation.

In October, Banco Santander announced plans to integrate its most disruptive payments businesses, including Getnet, into a stand-alone company. This company, called PagoNxt, will carry out its activity in three business areas: solutions for businesses, solutions for SMEs that operate internationally and need services that were previously only accessible to large companies, and digital products and services for individuals, such as Superdigital, the platform of financial inclusion already available in five Latin American markets.