Andorran Banks Extend to Panama and Uruguay

Banco Credit Andorra (Panama) has not long ago opened workplaces in Panama City’s Torres de las Americas, following the granting of a Panamanian banking license in 2008. Operating beneath an worldwide license, Credit Andorra joins Andbanc as the next Andorran financial institution in Panama’s international financial centre.

According to its management, the company method is to focus on asset management, providing shoppers a broad spectrum of offshore banking and economic solutions as nicely as offshore fiscal advice.

Credit history Andorra is the top non-public lender in the Principality of Andorra, wherever it has a 40 p.c share of the Andorran retail banking market place. The lender emphasizes skilled service even though doing the job carefully with loved ones enterprises, as properly as little and medium-sized firms.

Miquel Valls Roca, President of Credit history Andorra’s Panama operation, said that Panama would be the company’s gateway to Latin American options. The opening of Banco Credit rating Andorra Panama is portion of Grup Credit score Andorra’s internationalization technique, which seeks to mature and bolster the company’s organization past Andorran borders. The new bank sees Latin The us as its greatest hope for growth, presented the frequent language and of study course the threats to banking secrecy in its Andorra property sector which may perhaps be scaring off its conventional European clientele.

The bank also has a new business office in Montevideo, Uruguay, possessing acquired a license on December 20, 2008, where by it is also the 2nd Andorran financial institution present (Banca Privada d’Andorra, the smallest of the Andorran banks, has experienced a existence in Uruguay for some years).

Roca noted that Panama’s location and the area’s economic growth were solid explanations to open an workplace here. The go, in accordance to press releases, will also enable the lender function with European consumers who “want to build initiatives in the location.”

Confronted with new intercontinental issues and paradigms, the Banco Credit Andorra Panama President acknowledged that the lender would adapt its companies to be much more advisory, with less complicated banking products centered on chance management and international options.

According to Roca, Panama’s great compliance with worldwide regulatory criteria, this kind of as these designed to prevent dollars laundering, was a different critical element. He recalled the text of Panama’s superintendent of banks, Olegario Barrelier, who noted at the bank’s opening that Panama and Andorra are both equally modest countries that have experienced to reinvent them selves in purchase to shift ahead.

The lender been given its license previous September, and executives are not ruling out acquiring other sorts of operations below in the upcoming.

In 2007, Grup Credit score Andorra described 13 billion euros of managed assets with 638 million euros in reserve, a web gain of 128 million euros and 460 staff.