Credit Andorra Buys La Caixa Stake
Credit Andorra has announced that Spanish bank La Caixa has reached an agreement
for the sale of its 46.35% holding in Credit Andorra for a price of EUR927 (US$1.1
billion). The sale will be made in two tranches: the first being the sale of 26.36% of
the capital of Credit Andorra before the end of 2006; and the second, the sale
of 19.99%, after the first tranche and before the end of March 2007. Credit Andorra came to an agreement with La Caixa to acquire 100% of the entity
CaixaBank in July 2005. With this new financial transaction, 100% of the shareholding
of Credit Andorra will be in the hands of Andorran share-holders. Credit Andorra said that the disinvestment by La Caixa will not affect the
special relationships that have historically been maintained between the two
institutions, which will continue in the future, as demonstrated by the varying
agreements which remain in force. The terms of the agreement are in line with the strategy of Credit Andorra,
according to the bank. As one of the leading banks in the Principality of Andorra, Credit Andorra has
more than EUR6 billion in assets under management. .
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