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 that the Bank increased its market share by more than 20%. Previously, relatively to private customers, the Bank’s share was 18% and for companies up to 38%. The number of clients, including individuals, shops and businesses, increased to 2.295 (25%).
At the same time investment lending indicator declined by 1.97%.
By the end of 2015, the capital adequacy ratio of the Bank amounted to 20,78%, the efficiency ratio – 41,21% and the liquidity ratio – 92,50%.
Commenting on the forthcoming accession of Andorra (Pyrenees) to the agreement on the automatic exchange of tax information, Robert Cassany stated that “all clients have passed the necessary compliance procedures and checks so that the Bank and its clients will not have problems with the forthcoming accession of Andorra to the agreement”. At the same time, he noted that “this is a very serious change, so the financial sector of Andorra will have to adapt to new conditions”.
See also Andorra business guide
See also Andorra company formation
