MoraBanc buys European Finance Bank from Unicaja to be able to operate with a banking license

Jul 30 () –

Andorran bank MoraBanc has agreed to buy 100% of the capital of the European Bank of Finance from Unicaja with the aim of entering the Spanish banking system, it announced in a statement on Tuesday.

The purchase of BEF also includes its banking license, which will allow the entity to operate as a bank in the country. Until now, its activity was limited to asset management through MoraWealth.

“Growing in Spain is one of the main objectives of our strategic plan, which combines organic growth through MoraWealth with inorganic growth, which we are working on with the agreements signed for the acquisition of Tressis and now the European Bank of Finance,” explained MoraBanc CEO Lluis Alsina.

The bank explained that obtaining the banking license is a “natural step” in its long-term growth strategy. With this, the entity will be able to offer the services of a credit institution: taking deposits in current and savings accounts and granting loans.

MoraBanc has not disclosed the amount of the transaction, although reports in the media in recent weeks have suggested a price of around 40 million euros.

Once the integration of Tressis is formalised, the purchase agreement for which was closed in March 2024, the group will have assets under management of over 18 billion euros, of which 7.5 billion are in Spain.