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Sociedade Comercial Orey Antunes sells Banco Inversis stake back to Banca March

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Sociedade Comercial Orey Antunes sells Banco Inversis stake back to Banca March

Portugal-based Sociedade Comercial Orey Antunes SA completed the saleof its 49.99% stake in BancoInversis SA for €30 million.

Spanish lender Banca March reacquired the stake, which ithad sold to OreyAntunes in January, Expansión reportedJuly 13. It initially exercised a purchase option over Banco Inversis in July2013, at which time it also agreed to sell Inversis' retail banking operationsto Andbank for €179.8 million.

Orey Antunes noted that it acquired the stake in January fora total consideration of €21.7 million, thus making a profit of €8.3 millionvia the sale. It will book an accounting loss of €5.7 million onthe transaction.

The Orey group also amortized the €19.6 million of capitaland accrued interest regarding a loan obtained to finance the acquisition.