Spain’s regulatory authorities have approved the deal that will lead to the purchase of Inversis Banco by Andbank, the local trade press has revealed.
The Ministry of Economy and Finance, the Bank of Spain, the Comisión Nacional del Mercado de Valores (CNMV) and Institut Nacional Andorrà de Finances (INAF) have given the final go-ahead for the acquiring deal of the retail and private banking segments of Inversis Banco by Andbank, which will be concluded at the end of November.
Once the deal will be completed, Inversis Banco’s retail and private clients will be transferred to Andbank. The deal between the two banks includes an agreement of collaboration according to which Andbank will use the services of Inversis’ technology platform for its institutional clients.
Following the acquisition, Andbank will be holding total AUM of above €7bn in Spain and €20bn globally.