MoraBanc and Vall Banc signed an insurance agreement. According to the agreement Morabanc plans to to acquire Vall Bank’s insurance portfolio in the field of life and health insurance, as well as the implementation of the corresponding lending operations.
This agreement, signed on Monday, November 27, is now to be approved by the Ministry of Finance of Andorra and the Andorran National Institute of Finance (INAF). The holders of loans and insurances included in this transaction retain the same conditions.
Vall Banc CEO Michael Christner said that the agreement “allows Vall Banc to concentrate on managing private assets and capital, while respecting the obligation to serve customers.”
The chief executive of Morabanc Pedro González Grau stressed that “this operation strengthens one of the strategic lines of the bank: the servicing of Andorra’s clients”.
Morabanc is a banking group of Andorra with 100% family capital. According to the International Banker magazine, Morabanc is the best commercial bank of Andorra in 2017.
Morabanc Insurance department “MoraBanc Seguros” was established 25 years ago and works in the field of life insurance, health, pension savings.
Vall Bank is the new bank of Andorra, founded in July 2015 by acquiring the bank of Banca Privada d’Andorra by the investment fund J.C. Flowers. JCF is a global private investment company. Founded in 1998, the company invested almost $ 15,000 million in 50 financial institutions from 17 countries. The assets of the fund are estimated at $ 7 billion.