|
After selling 100% of CaixaBank to Credit Andorra –of which, in turn, owns 46.35% of capital stock– at 365 million euros, La Caixa will unify its activities in Andorra.
CaixaBank’s book value by the period closing in June was 157 million euros, raising the transaction’s capital gains to 200 millions, but the effect was blocked in the books because there are two firms belonging to the same group involved.
The operation makes Credit Andorra the indisputable leader in the Andorran market, with a 38% business share. This bank is three times as large as CaixaBank, which will now operate under the name Credit Andorra.
CaixaBank was founded in 1997 for the activity of La Caixa’s 5 offices in Andorra, where this bank had been operating since 1935. Now, CaixaBank has 7 offices in the Principality.
|
7/25/05
Back 