A BUILDING society has sold one of its bank card businesses to a German firm for £7.5m.

Newcastle Building Society has sold its Pre Paid Cards business (PPC) to Wirecard Card Solutions Limited, a subsidiary of Wirecard AG.

Wirecard AG, based near Munich, is an international provider of products and services for electronic payments.

All 24 of the society's PPC staff will be transferred over to Wirecard Card Solutions.

As well as the £7.5m purchase price further payments of up to £1.5m in 2012 and £1m in 2013 may be made, subject to achievement of financial targets

Newcastle Building Society chief executive Jim Willens said: "This is a significant and positive development for our Society.

"As part of the sale, it was important to us to secure the jobs of all 24 employees so we were delighted all staff will transfer to the buyer and that the jobs will stay in the North East."