Banks in Andorra
The banking system in Andorra includes five domestically owned banks that provide personal banking and private banking services, asset management and insurance for individuals and companies.
Andorra is not a member of the European Union, but the euro is the official currency in the country. Foreign banks may not open branches in Andorra. The Andorran National Institute of Finance (INAF) is responsible for regulation and supervision of the financial system. The banking industry also has self-regulating body, the Andorran Banks Association (ABA). To open an account takes about 30 minutes. You need a passport. Complete confidentiality is observed, and numbered accounts are available. The total assets, deposits and assets under management of Andorran banking sector are €14.2 billion, €10.2 billion and €46.1 billion, respectively. The banking sector employs around 2,700 employees. Andorran banks have international presence in Monaco, Luxembourg, Switzerland, Spain, The Bahamas, USA, Peru, Panama, Brazil, Mexico, Uruguay, Chile and Israel.
Crèdit Andorrà Group is the largest bank in the country in terms of assets, deposits and loans. It provides retail and private banking services including current and nominamiga accounts, piolet and special seasonal workers accounts, personal and auto loans, mortgages, credit cards, pension and retirement plans, student plans for children’s education, proposals and recommendations for the purchase and sale of investment funds, expert selection fund portfolios, management mandate; life, health and ski accident insurance, asset management, internet banking and other services. It was named Best Private Bank Andorra 2018 and Bank of the Year Andorra 2017 by The Banker. The company has international offices in Luxembourg, United States, Switzerland, Spain, Uruguay, Mexico and Panama. Crèdit Andorrà was established in 1949 and employs over 800 people. The company has total assets of approximately €5.5 billion.
Andbank (Andorra Banc Agrícol Reig, S.A.) is the second largest bank in Andorra and the oldest firm of private bankers in the country. With over 1,100 employees, it operates through a network of nearly 40 offices in Europe, North and South America and the Middle East. The company provides a wide spectrum of private, consumer, business and corporate banking services. Andbank has a strong liquidity position with LCR ratio of over 290%. The company was founded in 1930 and is headquartered in Escaldes-Engordany, Principality of Andorra. As of December 2017, it had total assets of €4.423 billion, loans and receivables of €1.665 billion and assets under management of over €22 billion.
Established in 1938, it is the third biggest bank in Andorra. It offers a wide range of financial products and services to personal and business customers including deposit products, savings and pension plans, life and health insurance, consumer loans, car loans, eco-car loans, postgraduate loans, express loans, zero loans, variable and fixed mortgage, no borders mortgage, investment funds, private banking and asset management. Its business products include collections and payments, cash management, risk coverage, import and export services, reverse factoring, short-term and long-term financing, collateral and bank guarantees, and more. With team 336 employees, the company operates through 9 domestic branches and through asset manager Mora Wealth Management in Miami (USA) and Zurich (Switzerland). Mora Banc Grup SA and Mora Banc operate under the MoraBanc brand. At the end of December 2017, MoraBanc’s total assets and customer funds amounted to €2.578 billion and €6.542 billion, respectively. It has been recently awarded as The Best Bank in Andorra by Global Finance (2018).
Vall Banc, SAU (formerly Banca Privada d'Andorra), established in 2015, provides private banking products and services through four offices and five ATMs. At the end of 2017, it reported €911 million in assets, €606 million deposits, €392 million loans and €2.265 billion in assets under management. Vall Banc operates as a subsidiary of the investment fund J.C. Flowers IV, managed by the J.C. Flowers & Co Group, an American private equity firm. The Bank is headquartered at Avinguda Carlemany 119, Escaldes-Engordany.
Banc Sabadell d'Andorra
BancSabadell d'Andorra, S.A (BSA) is the fifth largest bank in the country. It is a commercial financial institution providing products and services for individuals and businesses. It was established in 2000 as a joint venture between Spanish Sabadell Group and a consortium of Andorran entrepreneurs. Sabadell owns 51% of A shares, while the B shares (49%) belong to over 800 individual Andorran shareholders. As of end 2017, the Bank had total assets €773.7 million and assets under management of €1.2 billion. It has branches and ATMs in la Massana, Encamp, Sant Julià de Lòria, and el Pas de la Casa. The company is headquartered in Andorra la Vella, the capital of the Principality of Andorra with a population of around 23,000.
Updated as of June 30, 2019.