Andbank is one of five banks in Andorra, presently managing 25 billion euros (against 23 billion euros in 2015). The bank operates in 11 foreign countries, and over the past 85 years, mainly provided private banking services. The bank is gradually expanding its range of services, in Andorra, it began offering mortgage programs, as well as issuing consumer loans and business development loans. The Bank’s president Manel Cerqueda tells us about the bank’s plans for 2020:
“In terms of priorities, in 2020, the main markets for us will be Spain, Luxembourg and Brazil – in these countries we want to strengthen our presence, and possibly acquire new financial assets. Andorra will also remain our priority market.
At the international level, the bank now operates in 11 countries, Mexico in Latin America, the USA where the bank is represented in Miami, or Spain, Monaco and Switzerland in Europe, among others.
In 2020, we do not plan to enter new markets, including neighbouring France.
There is also a list of countries with which we do not work at all or work on limited terms and only in certain sectors. These are African, as well as Asian countries (including Kazakhstan). This is due to the fact that the rules established in the financial markets of these countries do not currently comply with international principles, or they are countries with an authoritarian regime.
When it comes to private banking, the list of products and services will remain the same. At the same time, we intend to develop our commercial sector and continue mortgage programs with attractive conditions. A year and a half ago, we created a subsidiary “MyInvestor” in Spain, which showed significant growth. This bank grants mortgage and consumer loans, as well as loans for the development of small businesses and “startups”.
The condition for mortgage lending is the acquisition of real estate in Andorra. Loans can be used by residents of Andorra or foreigners who wish to purchase real estate here to obtain a subsequent residency in Andorra.
On the international market, we are confining ourselves to private banking services. However, if foreign companies have investment projects in Andorra, we are ready to consider proposals for their lending.
The bank itself does not participate in real estate construction projects, or in any other investment projects. Our priority is banking products and services.
Each year, the bank makes two to three acquisitions of new financial assets, including small banks. In Andorra, we do not have such plans, but in Spain and Brazil it is likely”.