MoraBanc has completed the purchase of Banco Sabadell’s stake in Banco Sabadell d’Andorra (BSA).
Banco Sabadell owned nearly 51.61% stake in the lender, which includes the proportional share of treasury stock.
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MoraBanc bought Banco Sabadell’s stake for €68m ($79m) or €266.70 per share and has become a majority shareholder in BSA.
The divesture, which was announced earlier this year, has been approved by the Andorran Financial Authority.
MoraBanc CEO Lluís Alsina said: “BSA is a strong and well-managed bank that, from now on, will be an important asset of the MoraBanc Group in its value proposition to customers.”
MoraBanc stated that BSA has become part of the MoraBanc group but both the lenders will continue to operate autonomously as before.
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By GlobalDataPost-acquisition, MoraBanc has over €10.5bn of customer’s resources under management and €1.6bn in credit investment.
MoraBanc recorded a 20% growth in profit to €30.1m in the last financial year and its profitability increased to 9.47% (ROE).
The sale of stake in BSA is part of Banco Sabadell’s plan to focus on the Spanish market.
Earlier, Banco Sabadell CEO César González-Bueno said: “These conversations are part of our strategy to focus our activity of business in Spain and consider those international corporate operations that make sense both due to the nature of the buyer and the economic conditions raised.”
Last year, Banco Sabadell and BBVA ended their merger talks as they could not reach an agreement over the price.
