Monte Paschi di Siena Group sells Monaco business
Monte Paschi di Siena Group has sold a Monaco subsidiary to Andbanc, an Andorra-based private bank.
Monte Paschi di Siena Group, the third largest banking group in Italy, has sold its Monaco subsidiary to Andbanc, an Andorra-based family-owned private bank headed by director and chief executive Jordi Comas Planas.
The price was agreed at €21.7 million, bringing the Italian group a capital gain of almost €8 million. The payments are due to be completed by the end of the month.
The acquisition was part of a strategy of organic growth, not excluding suitable acquisitions. The 2011 annual report stated that at end of 2010 AndBanc had a solvency rating of 22.3%, an average liquidity rating of 59.7% and surplus resources of €227.5 million.
Monte Paschi Monaco was established in Monaco on July 2007 as a branch of the group’s French subsidiary, Monte Paschi Banque (France).
MPS Group recently gave the Monaco subsidiary full limited company status to enable it to offer a complete range of private banking services. Monte Paschi di Siena Group is one of the oldest banks in the world, having developed from a business that was first established in Siena, Tuscany in 1472.