Andorra’s Morabanc is said to be launching in the Spanish market through the acquisition of fund platform Tressis, according to local trade publications Funds People and Expansión.
Although the details of the acquisition are not known yet, the operation seems to be close to reach a final point, according to what a person familiar with the matter has told the local press.
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.
The news of Morabanc’s launch in Spain follows that of the appointment of David Azcona as head of Asset Allocation and Multi-asset management.