Andorra currently has 5 banking entities: Andbank, Banc Sabadell d’Andorra, Credit Andorrà, Morabanc, Vallbanc (formerly BPA). However, MoraBanc has reached an agreement with Banco Sabadell to purchase the entire stake of Banco Sabadell in Banc Sabadell d’Andorra, S.A. The formalization of the transaction is subject to the prior authorization of the Andorran Financial Authority (AFA) and, once obtained, foreseeably in autumn, MoraBanc will extend the purchase offer to the rest of the shareholders under the same economic terms agreed with Banco Sabadell.