Andbank Brazil obtains an AAA from Fitch Ratings

Escaldes-Engordany, XX January 2021.

For the first time the Fitch Ratings agency has awarded Andbank Brazil, a subsidiary of the Andbank Group, an AAA score with a stable long-term outlook, the highest mark on the agency’s ratings scale. Among the most noteworthy aspects of the report, Fitch highlights the strategic importance of Andbank Brazil for the Group’s international expansion, due to the country’s growth potential.

Since 2011 the entity’s evolution in Brazil has been extremely positive, particularly from 2018 onwards, as a result of the agreements signed with asset managers and the partnerships with new autonomous investment agents as part of its expansion strategy. The Group displayed significant growth in terms of Resources Under Management (RUM) with a rise to R$8 billion in December 2020 from the figure of R$4.8 billion recorded in the previous year.

In addition, according to the ratings agency, Andbank Brazil also benefits from being a subsidiary of a Group that operates in several markets with a business model specialising in asset management and private banking, thus guaranteeing excellent opportunities for business creation.

According to Leonardo Hojaij, the Sales Director at Andbank Brazil, “receiving the maximum score awarded by the agency will help us to consolidate our position in Brazil as a solid private bank that forms part of a diversified and expanding group.”

One of the keys to the growth of the Andbank Group continues to be its international dimension as a result of its undertaking launched in 2000. This has enabled the entity to secure multi-jurisdictional scope and operations in 12 countries, including the world’s leading financial centres. Andbank’s international department accounted for 82% of the total assets managed by the Group in 2019.