Standard & Poor’s agency raised its forecast of Andorra’s rating from “negative” to “stable” – now Andorra has a rating BBB- / A-3. This data is contained in the official agency report which states, however, that “the process of settlement of the conflict with the Banca Privada d’Andorra (BPA) by the authorities of Andorra has …More
The Prime Minister of Andorra Antoni Marti met with the US Ambassador is Spain and Andorra James Costos. The parties expressed the satisfaction with the current relations between the two countries.
During the visit, the parties discussed the acquisition of the American company JC Flowers of bank’s assets of Vallbanc, whick took place after the finishing of …More
About 300 people have applied for cash withdrawal during the first working day of the new Andorran Vall banc, on 11th May. This bank was established as a result of the restructuring of Banca Privada d’Andorra on the basis of “uninfected” customer assets. The crisis associated with BPA lasted 14 months.
As the President of Vallbanc …More
The Prime Minister of Andorra Antoni Martí during his speech on 4th May in the Parliament reported on the main actual problems of Andorran financial and political issues.
Almost an hour of his speech, Antoni Martí devoted to most problematic issues that provoke most of the attacks from the opposition – the situation with the …More
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 Simultaneously, the agency has withdrawn BPA’s ratings as the bank is under resolution.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.More
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 …More
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a statement issued Friday in the tiny European principality of Andorra it had lifted money laundering accusations against an Andorran private bank.
FinCEN said last year that Banca Privada d’Andorra (BPA), the fourth largest bank in the principality nestling in the Pyrenees between France and …More
Net profit of Andorran banks in 2015 decreased by 8% compared to 2015 year and estimated at 168 million euros. It was reported by General director of the Association of Andorran banks (ABA) Esther Puigcercós during the presentation of results of activities of the banks of Andorra in 2015.
According to her, these results are still …More
Association of banks of Andorra declares there are no limits on the inflow and outflow of money in Principality, reports the Association of Andorran banks (Associació de bancs d’Andorra, ABA.
Earlier on 3d December the financial intelligence department of Andorra published new requirements for financial institutions which determine the ability to control the amounts of money …More
Crisis of one of banks of Andorra – Banca Privada d’Andorra – negatively affected ratings of other banks of the country. In particular, the Fitch Rating agency lowered a long-term rating to Crèdit Andorrà bank from A to BBB (three positions) and short-term from F2 to F3 (from reliability level above average to the average …More