Spain’s Comisión Nacional del Mercado de Valores (CNMV) has not approved the deal between Morabanc and Tressis, which was announced some three months ago, the local press has revealed.
According to the announcement at the beginning of the year, Andorran Morabanc was to launch in the Spanish market through the acquisition of the Madrid-based platoform Tressis.
Regulatory body CNMV however announced that, in agreement with Morabanc, the deal has been called off.
The price of the deal was estimated to be around €43m, which would have meant a capital increase of the company of some €50.5m.
Morabanc would have been the fourth Andorran bank to enter the Spanish market after Banca Privada de Andorra (BPA); Andbank and Crèdit Andorrà (Banco Alcalá).