MADRID, May 17 (Reuters) - Spain’s Banco Sabadell said on Monday it had entered talks to analyse a sale of its Andorra business to Andorran lender MoraBanc.
“These conversations are part of our strategy to focus our activity in Spain and consider international transactions that make sense both in terms of the buyer and the proposed conditions,” Sabadell Chief Executive Cesar Gonzalez-Bueno said in a statement.
Sabadell operates in the tiny principality of Andorra that borders Spain and France via a 51%-owned subsidiary BancSabadell d’Andorra, which manages total resources of around 1.8 billion euros ($2.2 billion).
If the deal materialises, minority shareholders should have the right to join it on the same terms agreed with Sabadell, the bank said. ($1 = 0.8228 euros) (Reporting by Nathan Allen, editing by Andrei Khalip)