July 14, 2016 - Andorra sells BPA assets to controversial US investment fund

In July 2016, AREB formalised the sale of Vall Banc to US investment firm J.C. Flowers & Co (Vall Banc sale 14 07 2016). Vall Banc was a bridge bank created and owned by AREB to transfer what it deemed to be BPA’s ‘non-toxic assets’

The Cierco’s denounced the sale citing that “JC Flowers has shown disregard for transparency and credibility in the financial community, and their selection is the final proof of the rigged and illegal process managed by the Andorran Government.”