trending Market Intelligence /marketintelligence/en/news-insights/trending/dC1IR9768bC6dwRpjj-rZQ2 content esgSubNav
In This List

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

Blog

Banking Essentials Newsletter: January 11th Edition

Blog

Banking Essentials Newsletter December 21st Edition

Blog

The Road to Basel IV: Navigating the challenge facing European banks

Blog

Basel Framework- Utilizing data to analyze the capital position of European banks.


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.