The banking system in Andorra includes five domestically owned banks which provide personal, commercial and private banking services, asset management and insurance for individuals and companies. Andorra is not a member of the European Union, but 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. Andorran banks have international presence in Monaco, Luxembourg, Switzerland, Spain, The Bahamas, USA, Peru, Panama, Brazil, Mexico, Uruguay, Chile and Israel. The Andorran banking sector employs around 2,700 people and has €14.2 billion in total assets, €10.2 billion in deposits and €46 billion in assets under management.
Crèdit Andorrà Group is the largest bank in the country in terms of assets, deposits and loans. It offers current and nominamiga accounts, piolet and special seasonal workers accounts, personal and auto loans, mortgages, credit cards, retirement plans, student plans for children’s education, recommendations for the purchase and sale of investment funds, expert selection fund portfolios, management mandates, life, health and ski accident insurance, asset management, internet banking and more. It was named Best Private Bank and Bank of the Year in Andorra by The Banker. The company has international offices in Luxembourg, the U.S, Switzerland, Spain, Uruguay, Mexico and Panama. Crèdit Andorrà was established in 1949 and employs over 800 people. The company has total assets of €5.2 billion and long-term credit rating of BBB from Fitch.
Andbank (Andorra Banc Agrícol Reig S.A.) is a family-owned bank 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 was founded in 1930 and is headquartered in Escaldes-Engordany, Principality of Andorra. As of December 31, 2018, it reported total assets of €4.4 billion, deposits of €3.2 billion, loans and receivables of €1.7 billion, assets under management (AUM) of €22 billion and total net revenue of €189 million.
Mora Banc Grup SA, established in 1938, it is the third biggest bank in Andorra with total assets of €2.8 billion, deposits of €1.9 billion and AUM of €6.5 billion at December 2018. It offers savings and pension plans, life and health insurance, consumer loans, car and eco-car loans, postgraduate loans, express loans, zero loans, variable and fixed mortgages, no borders mortgages, investment funds, private banking and asset management. The 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 300 employees, the company operates through 9 domestic branches and through Boreal Capital Management (BCM), a wealth manager with offices in Miami (USA) and Zurich (Switzerland). Mora Banc has been recently awarded as the Best Bank in Andorra by Global Finance.
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.