Madrid, 26 July 2021. Andbank Spain, an entity specialising in private banking, closed the first half of 2021 with a turnover of €15.8 billion, 21% more than in December 2020. In just six months, Andbank has added EUR 2,735 million to its business as a result of the acquisition of Degroof Petercam Spain – a […]
Madrid, 26 July 2021.
Andbank Spain, an entity specialising in private banking, closed the first half of 2021 with a turnover of €15.8 billion, 21% more than in December 2020. In just six months, Andbank has added EUR 2,735 million to its business as a result of the acquisition of Degroof Petercam Spain – a transaction closed in February 2021 -, the increase in the number of customers, new bankers and agents, and the return from the managed portfolios, which reached 4% on average.
Andbank has a network of 138 bankers, 26 private banking centres and 112 financial agents in Spain. In the first six months of 2021, a total of 20 bankers joined, 12 from Bank Degroof Petercam Spain and 8 from various other banks. It also added 10 financial agents.
According to Carlos Aso, CEO of the Andbank Group, “our value proposition, which puts the customer at the centre, is enabling us to attract the best talent and accelerate our growth”.
Andbank is one of the fastest-growing private banking institutions in recent years. The bank, which is committed to organic and inorganic growth, has acquired the business of 3 institutions in the last 4 years -Merchbanc, Degroof Petercam Spain and Esfera-.
The success of its model, based on close relationships with clients and offering a comprehensive wealth management service through specialists in various fields – investment management and personalised mandates, wealth and tax planning, as well as alternative investments and ESG – has enabled it to be ranked 8th in the 2020 Funds People Ranking for private banking.
A commitment to alternative investments
Andbank continues to offer its clients opportunities to invest in real economy projects, leading to portfolio diversification and obtaining returns that are uncorrelated with the markets.
It currently has more than a billion euros of its clients’ money invested in these kinds of products, including funds that invest in asset-related businesses- infrastructures, property, and renewable energies – and other market opportunities, such as venture capital funds, private equity, and market operations where Andbank sees value (capital increases, going public with BME Growth, etc.).
In this half of the year, a key development was the bank’s stake in Parlem and in Mio Group going public with BME Growth. It has also made exclusive products available to its clients, such as Cheyne, Inveready Convertible Finance, Think Bigger and Everwood.