Andbank rated best private bank in Andorra
by ‘The Banker’ and PWM

Andorra, 5 November 2020.

Andbank has been selected as best private bank in Andorra by the prestigious British journals “The Banker” and Private Wealth Management (PWM), both published by The Financial Times Group. With this award the publications have recognised Andbank’s 90 years of experience in private banking, its proven track record in asset management, as well as its resilience in the current market situation and its customer focus.

This award is granted annually to the best private banks in each country. They are the most coveted of similar international distinctions in which the awardees are carefully ranked by a panel of top-tier jurors.

The award confirms the bank’s stellar performance, as evidenced by its high liquidity and solvency ratios, with a consolidated Tier1 ratio of 15.62% and of 26.3% in Andorra. At yearend 2019, the liquidity coverage ratio (LCR) stood at 267.33%, well above the minimum LCR of 100%.

Creating value for clients and protecting their wealth are the twin pillars underpinning the Group’s asset management business, and a key factor for this recognition. The award highlights the Group’s strong performance —all the more laudable given the current situation in the markets— the investment being made in international growth and the major push for technological development, with the goal of offering clients the greatest possible flexibility and scalability, as well as the strengthening of management control structures at the central level and in each country where the bank does business.

The Andbank Group closed 2019 with net profit of 28 million euros, a gain of 3.6% with respect to 2018. These healthy earnings are due to the consolidation of its private banking model, which allowed the bank to close 2019 with a new maximum (AuM) of 23,842 million euros, an increase of 2,067 million euros, or 9.6%, over the previous year.

A key driver for Andbank’s robust growth is its international dimension, the fruit of the expansion begun in 2000 and which today makes it a multi-jurisdictional bank with presence in 12 countries, including the world’s most important financial centres. “Since the majority of the bank’s clients are global, it is indispensable that we offer global support to our clientele,” explains Ricard Tubau, chief executive officer of Andbank.

Also of note is that in April 2020 Fitch Ratings maintained its BBB long-term rating and F3 short-term rating for the bank, underscoring the unrivalled positioning enjoyed by Andbank with its low non-performing loans ratio (2.9%) and strong provisioning coverage of non-performing loans (103%). The rating agency also noted that Andbank is showing signs of sound health and is benefiting from a high percentage of fee and commission income (61% of operating income in 2019).

According to Ricard Tubau, “this award is an important recognition of the efforts that all of our people have been making in recent years”. And he adds that “excellence in customer service is at the core of our value proposition and is required in several facets: quality and range of services, talent and business attitude of our bankers who mirror the behaviour and innovation of our clients. This mix of ingredients makes for a great recipe”.