Crèdit Andorrà announced the acquisition of Vall Banc, which is controlled by nord-american J.C. Flowers & Co, a leader in financial services investing. The agreement is to acquire 100% of this company and will be fully financed by Crèdit Andorrà.
J.C. Flowers & Co. is an American private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001, is based in New York City and run by billionaire J. Christopher Flowers, a former Goldman Sachs partner
The cost of the transaction has not been disclosed. The permission from the relevant supervisory authorities is pending.
J. C. Flowers & Co leaves Andorra after five years of operation. It is noteworthy that in 2017 J. C. Flowers & Co had completely different plans. In an interview with All Pyrenees, Vall Banc CEO Christoph Lieber claimed that his plans were “to make Andorra an alternative financial center for the EU and Switzerland.”
Vall Banc appeared on the Andorran market after the scandalous bankruptcy of one of the five Andorran banks – Banca Privada d’Andorra, which was accused by the US Treasury Department of laundering money received by BPA from Russian criminal groups.