– The Group achieved record growth of €5.58 billion in 2021, of which €5.013 billion are assets under management and €567 million are loans and receivables.
– Profit reached €27 million, including the Group’s major investments in future value in 2021. These include: the integration in Spain of Degroof Petercam Spain, which started from losses, the development and promotion of the MyInvestor neobank and the increase in the number of bankers in all the markets in which it operates.
– Andbank rolls out its new strategic plan (2022-2024) with the aim of highlighting its international commitment, growing in Andorra and taking advantage of financial disruption through its MyInvestor neobank and its venture capital manager Actyus.
Escaldes-Engordany, 29 April 2022.
Andbank, an international group specialising in private banking, closed 2021 with a business volume of €32.7 billion, up 20.5%. The Group achieved record growth of €5.58 billion in 2021, of which €5.013 billion are assets under management and €567 million are loans and receivables.
Total assets under management amounted to €30.28 billion, up 19.8%, and total loans and advances amounted to €2.507 billion. Profit amounted to €27 million, including the investments in future value made by the Group in 2021, such as the integration of Degroof Petercam Spain, which started from losses, the development and promotion of the MyInvestor neobank and the increase in the number of bankers in all the markets in which it operates.
The bank’s good performance is mainly due to the increase in customers’ positions in the countries where Andbank is present, with Spain, Luxembourg and Monaco being particularly significant, the hiring of talent (close to 20 bankers) and the revaluation of portfolios, with an average of close to 6%.
According to Manel Cerqueda Donadeu, chairman of Andbank, “we are a diversified group, with more than 30 billion in assets under management, and, in just ten years, we have become the leading foreign private banking institution in Spain”.
Andbank, which last year culminated its 2018-2021 strategic plan, coinciding with the celebration of its 90th anniversary, rolls out its new strategic plan (2022-2024) with the aim of highlighting its international commitment, growing in Andorra and taking advantage of financial disruption through its MyInvestor neobank and its venture capital manager Actyus.
According to Carlos Aso, CEO of the Andbank Group, “we are launching a new strategic plan 2022-2024 aimed at maximising the generation of value for our shareholders, for which we have great talent within the Group”.
The Group’s main profitability indicators confirm the robustness of its business model with a ROE of 4.71% and ROTE (return on tangible equity) of 11.66%.
In 2021, the institution continued its efficient management, which enabled it to achieve equity of €586 million and to position its solvency and liquidity ratios above the parameters required by the Basel III agreements and above the European average.
Specifically, the TIER1 solvency ratio stood at 17.17% in consolidated terms and at 29.99% in Andorra. The liquidity coverage ratio (LCR) stood at 189.50%, a figure above the minimum liquidity coverage ratio of 100%. The default ratio fell to 1.98%.
Andbank is currently present in 11 countries, with 5 fund management companies, 6 advisory and wealth management companies, 4 brokerage firms and 5 banking licences in Andorra, Spain, Luxembourg, Monaco y Brazil. In 2021, the international division accounted for 86% of the total assets managed.
Global diversification is one of the main growth drivers and one of the reasons why Fitch reaffirmed Andbank’s long-term credit rating at BBB last year. In its report, the agency highlighted the bank’s broad international presence in the private banking business and its commercial scale, larger than that of its competitors, considering that Andbank is well placed to take advantage of its larger scale and the growth in volumes of assets under management internationally.
Andbank Group’s value proposition is based on providing a comprehensive wealth management service via specialist experts in different areas: investment management and personalised mandates, estate and tax planning or alternative investments and ESG.
In terms of the offer of products and services, alternative investment vehicles were very well received last year by high net worth individuals, an area in which Andbank is very dynamic. During 2021, the bank promoted investment in debt, infrastructure and real estate projects among its customers, reaching close to €1.1 billion of investment in these types of products.
With regard to the ESG strategy, which is key for Andbank, Andbank Wealth Management highlights the commitment to the adoption of a policy of positive integration in the investment selection and decision-making processes for 100% of the vehicles and mandates it manages, a process followed and evaluated by the manager’s Responsible Investment Committee.
In 2021, Andbank continued to strengthen its corporate responsibility activities, particularly in one of its main lines of action: supporting research in the fight against cancer. In this regard, the Group has continued to support the SJD Paediatric Cancer Centre in Barcelona, the FERO Foundation and the CRIS Cancer Foundation.
Through its Global Sustainable Impact investment fund, the institution donated close to €700,000 to projects related to cancer research at these three institutions: to SJD’s translational research project to predict the response of patients with refractory leukaemia to CART19 therapy; to the Cancer Immunotherapy Unit (UNICA) at the Hospital 12 de Octubre in Madrid through Cris Cancer and to FERO’s DIAMAV project (Advanced Molecular Diagnostics Programme), which is being developed at the VHIO (Vall d’Hebron Institute of Oncology)
In the past year, Andbank also promoted various initiatives with NGOs in order to provide extraordinary support to other solidarity projects that arose after the coronavirus crisis.