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MoraBanc has purchased from Banco Sabadell all of its stake in Banc Sabadell d’Andorra, that is, the 51,61% if treasury shares are taken into account, for a approximate amount of 67 million euros, amount that is subject to an audit of accounts as of June 30, 2021.

In a statement, MoraBanc explained that this movement is part of its growth strategy and involves its largest corporate operation to date, which will allow you to increase investment in technology to be able to face future challenges, as well as continue to improve the value proposition of customers.

Both entities announced the start of negotiations on May 17, which culminated this Thursday with the signing of the agreement between the CEO of MoraBanc, Lluís Alsina, and the CEO of Banco Sabadell, César González-Bueno, although the formalization of the operation is conditioned to the prior authorization of the Andorran Financial Authority (AFA).

Likewise, once this authorization is obtained, scheduled for autumn, MoraBanc it will extend the purchase offer to the rest of the shareholders under the same economic terms agreed with Banco Sabadell.

The MoraBanc group would go on to manage more than 10,500 million euros in customer funds, 1,600 million euros of loan investment and would maintain profitability and solvency ratios “leaders” in Andorra. Everything after adding more than 1,800 million of Banc Sabadell d’Andorra.

Sabadell focuses on Spain

“This operation will allow us to gain market share in Andorra, our main market, to give value to our clients and to the shareholders who believe in the country and in its opportunities,” said Alsina.

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Alsina added that “a stronger bank will help us maintain the commitment to the growth of Andorra, as well as the development of people’s and business projects “.

“We have made this operation relevant thanks to the commitment of our employees, and we hope soon to welcome new clients and collaborators to make together a stronger and better bank”, Alsina concluded.

For his part, González-Bueno explained that “this agreement is part of our strategy of focus our business activity in Spain and consider those international corporate operations that make sense both due to the nature of the buyer and the economic conditions raised “, reported Sabadell.

Reference-www.elespanol.com

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