Andbank Monaco SAM announced the submission of a non-binding offer to acquire Banque Havilland (Monaco) SAM. This offer has been accepted, the bank announced on Wednesday, August 21.
Andbank was created in August 2001 as a result of the merger between Banc Agrícol i Comercial d’Andorra (that was founded in 1930) and Banca Reig (founded in 1956), and has its HQ in Andorra. It has forty subsidiaries, mainly in Europe.
Andbank Monaco said: “Building on its excellent financial performance and the strength of its ratios, the Andbank Group aims to demonstrate its commitment to growth in Private Banking through this future acquisition and to consolidate its presence and influence in the Principality of Monaco.
“After more than 13 years of presence in Monaco, Andbank Monaco SAM has signed a letter of intent to purchase Banque Havilland (Monaco) SAM.
“To facilitate this, the teams from both institutions will work closely together to ensure the continuity and quality of services provided to clients.
“The shareholders of the Andbank group and Gérard Griseti, CEO of Andbank Monaco SAM, are mobilising the necessary resources to ensure the swift completion of this transaction.
“It is noted that this non-binding offer and its completion remain subject to satisfactory due diligence and approval by the relevant regulatory authorities.”
PHOTO: Andbank in Andorra Public Domain via Wikipedia
