MoraBanc and Banc Sabadell reach an agreement for the purchase of the stake in BSA
15 July de 2021
MoraBanc has reached an agreement with Banc Sabadell for the purchase of the latter’s entire stake in Banco Sabadell d’Andorra, S.A. (i.e. 51.61%, taking into account the treasury shares) for the amount of approximately 67 million euros. The definitive amount is subject to an accounts audit held on 30 June 2021.
The two institutions announced the beginning of the negotiations on 17 May and they culminated today with the signing of the agreement by Lluís Alsina and César González-Bueno, the respective CEOs of MoraBanc and Banc Sabadell.
The closing of the transaction is contingent on the prior authorisation by the AFA (Andorran Financial Authority) and, once this has been obtained, probably in autumn, MoraBanc will extend the purchase offer to the other shareholders on the same economic terms as those agreed on with Banc Sabadell.
With this acquisition, MoraBanc will become the leading institution in the Andorran market with respect to the main business magnitudes in the domestic sphere and the profit figures of Andorran banks. As for the consolidated figures, the MoraBanc Group will manage more than 10.5 billion euros in assets under management and 1.6 billion euros in its loan book and it will continue to show the best profitability and solvency ratios in Andorra.
CEO Lluís Alsina remarked that:
“This transaction will enable us to increase our market share in Andorra, our core market, in order to provide value for our customers and shareholders, people who believe in the country and its opportunities. A stronger bank will help us to maintain our commitment to the growth of Andorra and the development of people and business projects.
“We’ve done this major transaction thanks to the commitment of our employees, and we look forward to welcoming new customers and partners very soon to make a stronger and better bank together.
The purchase of the majority holding in BSA forms part of MoraBanc’s growth strategy. In the last financial year, MoraBanc’s profits rose by 20% to 30.1 million euros and its assets under management increased by 6.5%, while its solvency further improved to 25.5% (CET1 fully-loaded) and its profitability went up to 9.47% (ROE). Over the last four years, MoraBanc has followed an upward trend as a result of the institution’s transformation, its investments in digital banking and the professionalisation of its governing bodies. With the purchase of 51.61% of BSA, MoraBanc has completed its largest corporate transaction, which will also enable it to significantly increase its investment in technology to meet the challenges of the future and further enhance its value proposition to its customers.
The MoraBanc Group is an Andorran financial group with 100% family capital, an independent bank with an international outlook and extensive experience in the management of individual, family and institutional wealth. In addition to its banking activity in Andorra, the group’s value proposition includes MoraBanc Asset Management and MoraBanc Insurance in Andorra, the MoraWealth securities agency in Barcelona, Boreal Capital Management, with two wealth management companies in Switzerland and the USA, and a broker dealer in the USA. In recent years, the MoraBanc Group has signed exclusive partnership agreements for the provision of its services in Andorra with Goldman Sachs Asset Management and Cuatrecasas and with Banco Santander for the international confirming service.