Mora Banc Grup is a banking group in the Principality of Andorra owned by the Mora family. In 1958 the entity was created as Banca Coma SL, later it would become Banc Internacional d’Andorra SA, parent of the commercially known Banc Internacional Banca Mora or BIBM group.
In 2011 the company changed its name to Mora Banc Grup SA, under the MoraBanc trademark.
It consists of:
- Mora Banc, SAU.
- Mora Private Banking.
- Mora Asset Management (asset manager).
- Mora Wealth Management (asset manager in Zurich and Miami).
- Mora Insurance
Although Banc Internacional d’Andorra could operate in 9 of the group’s 11 offices in Andorra, the only one that used the name Banc Internacional was the office at Avinguda de Meritxell n. 32 of Andorra la Vella, while the rest used the name Banca Mora.
History
1952: Banca Mora is created on June 6.
1960: Banca Mora buys Banca Coma.
1970: Banco de Bilbao buys 33% of the shares of Banca Coma a Mora and creates Banc Internacional SA (Banc Internacional d’Andorra).
1973: The International Bank buys Banca Mora creating the Banco Internacional Banca Mora (BIBM) group.
1988: BIBM creates the first investment fund fully managed from Andorra.
1992: Creation of the insurance subsidiary, Assegurances Principat S.A.
2000: Inauguration of BIBM’s head office on Meritxell avenue in Andorra la Vella.
2006: The Mora family buys 51% of the group’s shares from BBVA.
2007: BIBM agreed on an integration process with Andbanc, with the aim of tackling an internationalization project supported by the business volume of the two financial entities. Five months later the separation was chosen, which provided BIBM with a new impetus to face the future of the entity with new proposals aimed at creating value and meeting customer expectations.
2009: Creation of Mora Wealth Management, AG, in Zurich, Switzerland, and start of the group’s international expansion.
- Purchase of 95% of the asset manager PRS Latam Llc, based in Miami, United States of America. That manager is now Mora Wealth Management, Miami.
- BIBM is designated as Bank of the Year in Andorra 2009, by The Banker magazine.
2010: BIBM receives the e)mission certificate for being a neutral entity in CO₂ emissions.
- World Finance magazine presents its annual award to BIBM.
2011: BIBM becomes Mora Banc Grup SA and Banca Mora becomes MoraBanc.
Awards
In the environmental field, BIBM has passed the audits that the firm AENOR carried out to renew its ISO certifications. ISO 9001 for the fourteenth consecutive year and ISO 14001 certification for the tenth time; the first is a commitment to quality and the second to the environment. BIBM is the only Andorran bank that has both certificates and the second in Europe to obtain the environmental management certificate for all its work centers. The latest action in this regard has been the fact of achieving neutrality in CO2 emissions, which merited the e)mission certification recognized by the United Nations Environment Program (UNEP).
The group was awarded twice with the European Quality Award (EFQM), in 1999 and 2002, and also with the Ibero-American Quality Award (2001). On the other hand, in 2009 it was recognized as Andorra’s Bank of the Year by The Banker magazine. Finally, also in 2009, the economic magazine World Finance awarded the bank its annual prize.
Main facts
Headquarters: Andorra la Vella, Andorra
Products: retail banking, private banking, asset management
Operating income: €49.66 million
Net income: €34.5 million
Total assets: €11.257 million
Total equity: €352.44 million
Number of employees: 377 (2021)
See also Andorra banking system
See also Andorra business guide
