Andorra Banc Agrícol Reig, SA (Andbank)

Andorra Banc Agrícol Reig (Andbank), SA was created in August 2001 as a result of the merger between Banc Agrícol i Comercial d’Andorra, SA (founded in 1930) and Banca Reig, SA (founded in 1956).

Andbank started the internationalization process of Andorran banks in 2001 when it opened in the Bahamas the banking entity under the name Andbanc (Bahamas) Ltd. Andbank continued its international expansion with the acquisition of other financial and banking entities, such as wealth managers, representation offices and banking licences. Andbank is the second-largest bank in Andorra.

Services

Retail and Corporate Banking
Private Banking
Asset Management
Financial Advisory

Financials

Total Assets (2017)
4 423.24 mln EUR  (-11.33%)
Net Income (2017)
38.80 mln EUR  (-12.20%)
Number of Employees (2015)
1 181  (+17.16%)

Andorra Banc Agrícol Reig, SA (Andbank) is the 2nd largest bank in Andorra in terms of total assets. In 2017 its total assets were 4 423,24 mln EUR, providing the bank with the market share of 31.27%. In 2017 the bank's net income was 38,80 mln EUR. Andorra Banc Agrícol Reig, SA (Andbank) had 1 181 employees in 2015.

Andorra Banc Agrícol Reig, SA (Andbank) is rated by Fitch. Long-term credit rating assigned to the bank by Fitch is BBB (good credit quality).

Andorra Banc Agrícol Reig, SA (Andbank) participates in deposit guarantee scheme of Andorra. This scheme covers accounts up to 100 000 EUR per bank per depositor.

Contacts

C/Manel Cerqueda Escaler, 6, AD200, Escaldes, Andorra
+376 873333
+376 863905

Andorra Banc Agrícol Reig, SA (Andbank) is headquartered in Escaldes.

Bank Identifiers

BIC (SWIFT)
BACAADAD
Founded
30 December 1930

Business Summary

Business Focus
retail banking for residents of Andorra
private banking and asset management for International clients
Services
retail and corporate banking
private banking
asset management
financial advisory
Eligible Clients
natural persons and legal entities

Andorra Banc Agrícol Reig, SA (Andbank) is focused on retail banking for residents of Andorra, private banking and asset management for International clients. Andorra Banc Agrícol Reig, SA (Andbank) provides products and services in the areas of retail and corporate banking, private banking, asset management, financial advisory. Andorra Banc Agrícol Reig, SA (Andbank) makes its solutions available to natural persons and legal entities.

Financial Positions

Total Assets (2017)
4 423.24 mln EUR  (-11.33%)
Total Equity (2017)
507.44 mln EUR  (+6.07%)

In 2017 total assets of Andorra Banc Agrícol Reig, SA (Andbank) were 4 423.24 mln EUR. Decline compared to the previous period (2016) was -11.33%. The evolution of the total assets of Andorra Banc Agrícol Reig, SA (Andbank) is shown at Chart 1 below.

Total Assets of Andorra Banc Agrícol Reig, SA (Andbank).

Chart 1. Total Assets of Andorra Banc Agrícol Reig, SA (Andbank).

Recent changes in total assets of Andorra Banc Agrícol Reig, SA (Andbank) and its main components are shown in Table 1.

2016 2017 % change
Loans to customers 1 604.3
Bonds and other fixed-income securities 1 149.8
Cash and deposits with Central Banks 1 595.4 1 447.0 -9.30%
Financial assets held for trading 426.3 339.5 -20.37%
Available for sale financial assets 318.1 230.5 -27.54%
Loans and advances 1 703.1 1 664.6 -2.26%
Financial assets held to maturity 449.1 291.6 -35.08%
Total Assets 4 988.7 4 423.2 -11.33%
Table 1. Recent changes in total assets of Andorra Banc Agrícol Reig, SA (Andbank) (mln EUR).

Recent changes in total liabilities of Andorra Banc Agrícol Reig, SA (Andbank) and its main components are shown in Table 2.

2016 2017 % change
Customer deposits 3 440.7
Trading financial liabilities 28.2 58.1 +106.08%
Financial liabilities at amortised cost 4 210.5 3 709.3 -11.90%
Total Liabilities 4 988.7 4 423.2 -11.33%
Table 2. Recent changes in total liabilities of Andorra Banc Agrícol Reig, SA (Andbank) (mln EUR).

Profit and Loss

Gross Profit (2017)
219.59 mln EUR  (-14.19%)
Operating Income (2017)
40.85 mln EUR  (-30.00%)
Net Income (2017)
38.80 mln EUR  (-12.20%)

In 2017 gross profit of Andorra Banc Agrícol Reig, SA (Andbank) was 219.59 mln EUR. Decline compared to the previous period (2016) was -14.19%. The evolution of the gross profit of Andorra Banc Agrícol Reig, SA (Andbank) is shown at Chart 2 below.

Gross Profit of Andorra Banc Agrícol Reig, SA (Andbank).

Chart 2. Gross Profit of Andorra Banc Agrícol Reig, SA (Andbank).

Recent changes in gross profit of Andorra Banc Agrícol Reig, SA (Andbank) and its main components are shown in Table 3.

2016 2017 % change
Interest Income 74.7 52.4 -29.89%
Interest Charges -36.8 -23.3 -36.55%
Net Interest Income 38.1 29.3 -23.09%
Net Commission Income 162.4 147.0 -9.49%
Gross Profit 255.9 219.6 -14.19%
Table 3. Recent changes in gross profit of Andorra Banc Agrícol Reig, SA (Andbank) (mln EUR).

In 2017 net income of Andorra Banc Agrícol Reig, SA (Andbank) was 38.80 mln EUR. Decline compared to the previous period (2016) was -12.20%. The evolution of the net income of Andorra Banc Agrícol Reig, SA (Andbank) is shown at Chart 3 below.

Net Income of Andorra Banc Agrícol Reig, SA (Andbank).

Chart 3. Net Income of Andorra Banc Agrícol Reig, SA (Andbank).

Number of Employees

Number of Employees (2015)
1 181  (+17.16%)

In 2015 there were 1 181 employees of Andorra Banc Agrícol Reig, SA (Andbank). Growth compared to the previous period (2014) was 17.16%. The evolution of the number of employees of Andorra Banc Agrícol Reig, SA (Andbank) is shown at Chart 4 below.

Number of Employees of Andorra Banc Agrícol Reig, SA (Andbank).

Chart 4. Number of Employees of Andorra Banc Agrícol Reig, SA (Andbank).

Market Share and Rank (among banks in Andorra)

Total Assets (2017)
2nd (market share 31.27%)

In 2017 Andorra Banc Agrícol Reig, SA (Andbank) was ranked the 2nd largest bank in Andorra in terms of total assets, having 31.27% of the domestic market share.

Market share of Andorra Banc Agrícol Reig, SA (Andbank) (among banks in Andorra)

Chart 5. Market share of Andorra Banc Agrícol Reig, SA (Andbank) (among banks in Andorra)

Several banks having the market shares and ranks closest to Andorra Banc Agrícol Reig, SA (Andbank) are shown below.

RankNameTotal AssetsMarket Share
1 Crèdit Andorrà, SA5459.92 mln EUR38.60%
2 Andorra Banc Agrícol Reig, SA (Andbank)4423.24 mln EUR31.27%
3 Mora Banc Grup, SA2577.70 mln EUR18.22%
 

Credit Ratings (as of May 2018)

Fitch Moody's
BBB (good credit quality) - (not rated)

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government. Andorra Banc Agrícol Reig, SA (Andbank) is rated by Fitch.

Credit ratings assigned to Andorra Banc Agrícol Reig, SA (Andbank) as of May 2018 are shown in details in the following sections.

Fitch

Long-term issuer default rating is Fitch's view of a credit institution's relative vulnerability to default on its financial obligations, for Andorra Banc Agrícol Reig, SA (Andbank) it is set to BBB (good credit quality), outlook is stable (not likely to change). The rating is not on watch. Short-term issuer default rating for Andorra Banc Agrícol Reig, SA (Andbank) is set to F3 (fair short-term credit quality).

Long-Term Issuer Default Rating  BBB
    Outlook  stable
    On Watch  No
Short-Term Issuer Default Rating  F3
Viability Rating  bbb
Support Rating  5
Support Rating Floor  NF

Viability rating for Andorra Banc Agrícol Reig, SA (Andbank) is set to bbb (good fundamental credit quality); support rating is 5 (there is a possibility of external support, but it cannot be relied upon); support rating floor is NF (no floor; no reasonable presumption of potential support being forthcoming).

Deposit Guarantee

Deposit Guarantee
Yes (up to 100 000 EUR per depositor)

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Andorra are obliged to participate in Andorran deposit guarantee scheme.

In the case of Andorra Banc Agrícol Reig, SA (Andbank) failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Eligible Depositors  natural persons, legal entities
Covered Accounts  cash demand deposits, term deposits, deposit certicifates and other similar debt securities
Covered Currencies  all
Maximum Protected Amount  100 000 EUR
Paid In Currency  EUR

Further Information

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of Andorra Banc Agrícol Reig, SA (Andbank) and its components are shown in the table below.

BIC  BACAADAD
Bank BIC Code  BACA
Country Code  AD (Andorra)
Location Code  AD
Branch Code  -

European Presence: 4 banks in 4 countries

Andorra Banc Agrícol Reig, SA (Andbank) operates under the brand name Andbank. This banking brand has presence in the following European countries and selected dependent territories of the European countries:

Andorra

  •  (this bank) Andorra Banc Agrícol Reig, SA (Andbank) (Escaldes)

Luxembourg

Monaco

Spain