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Andbank closes 2017 with the satisfaction of having achieved results 30% better than forecast. The bank consolidates its leadership in both volume of assets under management and business volume. Liquidity at 75.80% and solvency at 24.57% (15.83% in Tier 1 terms under Basel III) are kept well above the average in the European sector. Escaldes-Engordany, 18 April […]
Andbank closes 2017 with the satisfaction of having achieved results 30% better than forecast.
The bank consolidates its leadership in both volume of assets under management and business volume.
Liquidity at 75.80% and solvency at 24.57% (15.83% in Tier 1 terms under Basel III) are kept well above the average in the European sector.
Escaldes-Engordany, 18 April 2018. The Andbank Group closes 2017 with the satisfaction of having met all the targets set. The net result was 30% up on forecast, confirming the excellent capacity of the business model for the generation of results.
In a complex international situation, this good result is due to consolidation of the bank’s model, specialised in private banking and geographical diversification, and the confidence and trust of the clients.
Clients’ assets under management were over €22,200M, reaffirming the group as leader of the Andorran banking. The business volume, with a 45.7% market share in the country, also underlines that leadership. These data consolidate the positive line that the bank embarked on in 2008.
With interest rates at historic lows in the euro zone, investment in international growth and technological innovation, and taking into account criteria of prudence in management of the balance sheet, the Andbank Group closed 2017 with a net profit of 39.2 million euro, 30% up on forecast.
The entity’s good results for 2017 are backed up by solid capital structure and a comfortable position in liquidity, over 75.80% (well above the required minimum of 40%). Solvency is also up, rising to 24.57%, being 15.83% in terms of Tier 1 according to Basel III, higher than the capital figure for equivalent European entities.
The bank’s strategy, management and risk profile maintain the assessment by the Fitch Ratings agency, which gives Andbank a long-term rating of BBB with stable perspective. The ratings are based on growth in the activity of private banking and solid international, national and niche expansion, together with dynamic management and high liquidity.
We must point out also that our Board of Directors has a firm commitment to implementing CRD IV Corporate Governance, which has enabled us to maintain the highest standards in matters of regulatory compliance.
The Andbank Group’s international development, which began in 2000, has allowed for growth and setting up establishments in three of the five continents. Latin America, Israel and Spain are the three strategic pillars of this expansion.
Andbank Brazil has just signed an agreement with the management company Triar, which will double the volume of managed assets in that country, while other agreements may be arranged during the year.
Another international market in strong growth is Israel, a country where Andbank began its private banking activity in 2015. Currently there are 2,100 million euro under management there, 9% of Andbank Group business.
Andbank España, for its part, closed the best year since its opening in the neighbouring state, achieving a business volume of 8,832 million euro, a figure which means growth of 19.6% with respect to the previous year. Similarly, the entity’s profit rose by 36%, reaching 5.7 million euro.
Attracting talent has been and will continue to be one of the principal aims of the Group’s strategic plan. Andbank has strengthened its executive team by engaging several professionals of international standing; particularly Antonio Castro, formerly managing director of Barclays España, as new assistant general manager, and Jacobo Baltar as general secretary of the Group and the Board.
The Group has backed the firm implementation of corporate governance in compliance with CRD IV, appointing Jorge Maortua as a new independent board member. Maortua is a professional of acknowledged prestige in the Spanish banking sector, having previously held various posts of responsibility at Santander and J.P. Morgan.
Andbank España has set up an advisory council, a consultative body with competence as a forum for consultation and reflection on the economic, financial and social fields, to back up the bank’s growth in Spain. The advisory council comprises personalities from the Spanish banking and business sectors: Daniel García-Pita, as president; Carlos Martínez de Campos, current Chairman of the Andbank Espanya Board, and Josep Piqué and Alberto Terol as members.
Also in Spain, Andbank Wealth Management SGIIC, the company managing collective investment institutions, has appointed Isabela Pérez Nivela as a new independent director, joining the Board with her long experience in the business field and good corporate governance, control and risk management.
Andbank Asset Management Luxembourg, the company managing collective investment institutions for Andbank Luxembourg, has appointed Dagmar Valcárcel as new Chairman of that entity’s Board. Valcárcel has more than 20 years’ experience in finance and risk management in Europe and the Middle East.
During 2017 Andbank also reinforced its commitment to the international standards of the United Nations in matters of gender equality. The fact that more than 43% of the employees of Andbank are women, many of them in positions of responsibility, demonstrates the Group’s clear commitment to effective equality between men and women in the working field.
Innovation and technological transformation in the bank are a strategic objective for the entity, which began in 2016 a process of transformation with the aim of making the Group a benchmark for new technology and cyber-security.
The ongoing technological transformation will mean an investment of more than 59.8 million euro in renewing technological platforms, the digitalisation of relations with clients and the adoption of pioneering services to guarantee security and regulatory compliance.
Corporate Social Responsibility is a fundamental line in Andbank, with support for various initiatives which contribute to creating a better society. The fight against cancer was the bank’s primary strategic objective in 2017. On this front, the Group collaborates with various leading organisations in the sector. Andbank is an active member of the Fero Foundation (an Oncology Research Foundation), founded by Dr. Baselga and supporting leading oncology research projects on the world scale. Andbank is also a founder member of the SJD Pediatric Cancer Center Barcelona in its new project against cancer in children, a benchmark on the European level.
The Group’s President, Manel Cerqueda, says: “One more year, we are very proud, not only of the results obtained this year, but also of the long-term project that we are carrying out and the efforts and involvement shown by the whole Andbank human team. Our single business model, concentrating on our specialisation in private banking, international diversification and technological innovation has enabled us to attract top level professionals who have joined us to supplement the already excellent team that we have today in Andbank”.
