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Fitch Ratings has affirmed Banca Privada d’Andorra’s (BPA) Long-and Short-term Issuer Default Ratings (IDRs) at ‘Default’ (D)

Fitch Ratings has affirmed Banca Privada d’Andorra’s (BPA) Long-and Short-term Issuer Default Ratings (IDRs) at ‘Default’ (D). Simultaneously, the agency has withdrawn BPA’s ratings as the bank is under resolution. Accordingly, Fitch will no longer provide ratings or analytical coverage of BPA, reports the agency.

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AREB made a decision to sell “clean assets” of Banca Privada d’Andorra under Vall Banc brand to American company JC Flowers & Co for 29 million euro

The Board of Directors of the National Agency for restructuring of banks of Andorra (AREB) made a decision to sell “clean assets” of Banca Privada d’Andorra to American company JC Flowers & Co for 29 million euros. New financial structure Vall Banc was established by AREB earlier to separate “clean assets” in Banca Privada d’Andorra. 

In its …

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The Andorran government approved a resolution concerning the auction of emission of public debt in the long term of Principality in the form of bonds

The Andorran government approved a resolution concerning the auction of emission of public debt in the long term of Principality in the form of bonds, dated April 13, 2016. This resolution sets the nominal amount allocated for intermediaries who have applied for the auction by their own expense, at the expense of clients, and through …

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The General meeting of shareholders of BancSabadell d’Andorra approved results for 2015 financial year

The General meeting of shareholders of BancSabadell d’Andorra approved results for 2015 financial year. The increase of the Bank’s profit in 2015 amounted to 4.7% (from 7.2 to 7.6 million euros), despite the fact that the overall income of all financial institutions in the country fell by 8%.

The President of the Bank Robert Cassany noted …

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During 2015-2016 ski season Grandvalira took 16th place in the world ranking for number of skier visits, a ranking created by the Swiss consultancy Laurent Vanat

During 2015-2016 Grandvalira took sixteenth place in the world ranking for number of skier visits, a ranking created by the Swiss consultancy Laurent Vanat. The Andorran resort went up three positions in the prestigious report, overtaking renowned resorts such as Soelden, Tignes and Zermatt, says Grandvalira in its official season results report.

The public also recognized …

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Andorran ski resort “Vallnord” revealed the results of the 2015-2016 season, noting the positive dynamics of growth of number of tourists

Andorran ski resort “Vallnord” revealed the results of the 2015-2016 season, noting the positive dynamics of growth of number of tourists. In particular, the number of visitors of the sector of Pal-Arinsal has grown by about 4% in comparison with the season of 2014-2015. The increase of the number of visitors to the sector of Ordino-Arcalis was …

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Global Banking & Finance Review for the fourth year names bank “Credit Andorra” as the best Bank in the country for its private banking services to individuals

Global Banking & Finance Review for the fourth year names bank “Credit Andorra” as the best Bank in the country for its private banking services to individuals. The magazine notes the high degree of corporate responsibility of the Bank “Credit Andorra”.

In its ranking, the magazine evaluates models of managing Bank’s assets, calling them as “flexible …

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In 2015 BancSabadell D’Andorra increased net profit by 4.71% compared with 2014

In 2015 BancSabadell D’Andorra increased net profit by 4.71% compared with 2014. According to the bank’s statement, “these figures demonstrate the steady growth of the bank’s share in the Andorran financial market.” All client resources of the bank in 2015 amounted to 1.6 billion euros.

Return on equity in 2015 amounted to 10.56%, and the efficiency …

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Fitch Ratings has affirmed Andorra’s Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB’, the Outlook is Stable

Fitch Ratings has affirmed Andorra’s Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB’, the Outlook is Stable. Fitch has also affirmed the Short-term foreign currency IDR at ‘F2’ and Country Ceiling at ‘A-‘.

According to Fitch statement Andorra’s ‘BBB’ IDR reflects the following key rating drivers:

Andorra is a small wealthy and politically stable economy. Its ratings …

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According to the PwC report, 923 accounts in Banca Privada d’Andorra can be associated with money laundering

According to the PricewaterhouseCoopers (PwC) report, 923 accounts of Banca Privada d’Andorra (BPA) can be associated with money laundering.

The company was asked to make an audit of the Bank by the Government of Andorra in the spring of last year, when BPA was included in the “black” list of the U.S. Treasury in connection with …

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