Andorra’s Morabanc is said to be launching in the Spanish market through the acquisition of fund platform Tressis, according to Expansión. It could pay 50 millions euros for the 85% of the business, according to its sources.
The details of the acquisition are not known yet, but the operation seems to be close to reach a final point.
Morabanc would be the fourth Andorran bank to launch in Spain. Banca Privada d’Andorra entered the market through Banco Madrid; Crèdit Andorrà launched through Banco Alcalá; while Andbank was the only Andorran bank to enter the Spanish market with his own brand and by recently acquiring Inversis Banco.