The sale, a note explains, was completed by way of transfer of Monte Paschi Banque’s 100% shareholding in the Monegasque bank to the Andorra-based banking institute.
The transaction was closed at a price of EUR21.7m (equity included), of which EUR19.5m already paid and the balance due on 30 September.
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A net capital gain of EUR7.7m has been realized by the Montepaschi Group on the EUR19.5m tranche already paid by Andorra Banc.
Banca Monte Paschi said this divestiture falls within its wider process of reorganization and is consistent with the guidelines set out in the 2011-2015 Business Plan for a more efficient organizational setup, stronger and better quality of capital and protection of assets.
Following disposal to the banking institute based in the Principality of Andorra, Monte Paschi Monaco is renamed Andbanc Monaco SAM.
Led by CEO Gerard Griseti, the bank will continue to offer financial services to a selected customer base of high net worth individuals and households. The branch operates locally with a staff of 40.
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By GlobalDataAndorra Banc said that the acquisition of the Montepaschi Group’s Monegasque subsidiary is a milestone in its planned expansion abroad, with the Andorra-based banking institute now extending its footprint to a total of 12 countries.
As at 31 July, the Andbanc Group had assets under management of EUR8.454m, with its solvency ratio standing at 24.5%.
