Andbank, corporate name Andorra Banc Agrícol Reig, SA, former commercial name Andbanc, is a banking group of the Principality of Andorra resulting from the union of two banks with Andorran capital, Banc Agrícol i Comercial d’Andorra and Banca Reig. It is owned by the Cerqueda and Reig families. It is the only bank in Andorra that does not have alliances with multinational banks.
Andbank is present in 12 countries, with five fund managers, six asset managers, four brokerage firms, five banking licenses in Andorra, Spain (with bank offices in many provincial capitals, including Alicante, Barcelona, Lleida, and Valencia), Luxembourg, Monaco and Brazil and other subsidiaries and managers in the Bahamas, USA (Miami), Israel, Mexico, Panama, Switzerland and Uruguay (a representative office).
Until 2012, the brand was andbanc with a final c and lowercase letters, but the bank’s desire for international expansion led to the change to Andbank.
History
Andbank was born in 2001 following the merger of Banc Agrícol and Banca Reig. Initially they used the provisional name of Grup Agrícol Reig.
Failed merger with Banca Mora
On July 25, 2007 the largest banking concentration in Andorra began with the merger of Andbank with Banc Internacional Banca Mora (BIBM) under the name of “Andbanc Mora”, with the possibility of becoming the first entity in the country ahead of Crèdit Andorrà. The managers of the two entities agreed to a share swap that meant that BIBM was the parent entity of the holding company.
Four months later the two entities issued a joint statement making public the decision not to materialize the announced integration. The decision not to merge, according to the entities, was by mutual agreement.
Andbank awards and recognitions
- The Banker 2012 and 2014: “Bank of the year”.
- The Banker 2014, 2015 and 2016: Global Private Banking Awards “Best Private Bank” (Andorra).
- Global Finance 2015: “Best Private Bank Award”.
- The European 2015: Global Banking & Finance Awards “Private Bank of the Year” (Andorra).
- The European 2017: Best Wealth Management Bank Spain (Spain).
Main facts
Founded: 1930; 94 years ago as Banc Agrícol i Comercial d’Andorra
Headquarters: Escaldes-Engordany, Andorra
Key people: Manel Cerqueda Donadeu, Oriol Ribas Duró, Ricard Tubau Roca
Operating income: €256 million
Net income: €61 million
AUM: €21,989 million
Total assets: €4,989 million
Number of employees: 1142
See also Andorra banking system
See also Andorra business guide
