MoraBanc and Banco Sabadell complete the purchase of 50.97% of BSA
5 October de 2021
MoraBanc and Banco Sabadell have closed the Andorran bank’s purchase of the Spanish bank’s 50.97% holding (and 51.61% taking into account the proportional number of treasury shares), of Banc Sabadell d’Andorra (BSA). After the audit carried out on 30 June, the final price was 68,009,685.79 euros and 266.70 euros per share. This completes the transaction agreement signed on 15 July and approved by the Andorran Financial Authority (AFA). With this acquisition, MoraBanc becomes the majority shareholder of BSA, which in turn becomes part of the MoraBanc Group.
As agreed by the parties, in the coming weeks, MoraBanc will make a purchase offer to BSA’s minority shareholders at the same price per share that it has paid to Banc Sabadell. BSA will soon convene a shareholders’ meeting to explain what the whole process will be like for minority shareholders.
Lluís Alsina, CEO (Chief Executive Officer) of MoraBanc, emphasised that “we are completing an acquisition that will bolster our growth and our commitment to what the future holds for Andorra. BSA is a robust and well-managed bank that will now be a significant asset of the MoraBanc Group in its value proposition to its clients.”
Although BSA has become part of the MoraBanc group, the two banks will continue to operate autonomously, and clients will have the same relationship managers and branches as before.
MoraBanc leads the growth of the sector
With this acquisition, the MoraBanc group is growing significantly in the Andorran market in terms of its main business activities and profit figures. The MoraBanc Group now manages over 10.5 billion euros in assets under management and 1.6 billion euros in its loan book, with leading profitability and solvency ratios in Andorra.
In the last financial year, MoraBanc’s profit grew by 20% to 30.1 million euros, assets under management increased by 6.5% and profitability increased to 9.47% (ROE).