Banca Privada d’Andorra, SA (BPA)

On March 10 2015 the United States’ Financial Crimes Enforcement Network (FinCEN) that qualified BPA as “a foreign financial institution of primary money laundering concern.” The same day Institut Nacional Andorra de Finances (INAF) put Banca Privada d’Andorra into administration.

On March 16,2015 the Government of Andorra approved a Decree which allows the provisional administrators of Banca Privada d’Andorra (BPA) to adopt the precautionary temporary measures that they consider to be appropriate in relation to the national and international basic functioning of the institution, taking into account the current exceptional circumstances. The provisional administrators of BPA who have been appointed by the INAF have agreed to limit withdrawals related to checks, national and international transfers, payment methods, bills and cash withdrawals from ATM machines to 2,500 EUR per week and per account.

On March 16, 2015, Banco de Madrid (Spain), a subsidiary of Banca Privada d’Andorra filed for bankruptcy.

On April 27, 2015 the board of directors of the State Agency for the Resolution of Banking Institutions (AREB) declared the opening of the process for the resolution of BPA. since that BPA is managed by the administrators appointed by the board of directors of AREB.

On June 15 2015 the process for the resolution of BPA was approved with the fundamental content of is to focus on the segregation of BPA’s assets and liabilities that are considered to be legitimate. These assets formed part of the new bridge bank, which is known as Vall Banc SAU.

BPA has not published its financial statements for the 2014.

Services

Retail and Corporate Banking
Private Banking
Asset Management
Financial Advisory

Financials

Total Assets (2013)
3 346.91 mln EUR  (+17.62%)
Net Income (2013)
20.54 mln EUR  (+16.74%)
Number of Employees (2014)
556 

Banca Privada d’Andorra, SA (BPA) was the 3rd largest bank in Andorra in terms of total assets. In 2013 its total assets were 3 346,91 mln EUR, providing the bank with the market share of 21.09%. In 2013 the bank's net income was 20,54 mln EUR. Banca Privada d’Andorra, SA (BPA) had 556 employees in 2014.

Banca Privada d’Andorra, SA (BPA) is rated by Fitch. Long-term credit rating assigned to the bank by Fitch is D (default).

Banca Privada d’Andorra, SA (BPA) participates in deposit guarantee scheme of Andorra. This scheme covers accounts up to 100 000 EUR per bank per depositor.

Contacts

Av. Carlemany, 119, AD700, Escaldes-Engordany, Andorra
+376 873500
+376 873519

Banca Privada d’Andorra, SA (BPA) was headquartered in Escaldes-Engordany.

Bank Identifiers

BIC (SWIFT)
CASBADAD
Founded
13 April 1957
Close Date
27 April 2015

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

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

Financial Positions

Total Assets (2013)
3 346.91 mln EUR  (+17.62%)
Total Equity (2013)
299.76 mln EUR  (-0.05%)

In 2013 total assets of Banca Privada d’Andorra, SA (BPA) were 3 346.91 mln EUR. Growth compared to the previous period (2012) was 17.62%. The evolution of the total assets of Banca Privada d’Andorra, SA (BPA) is shown at Chart 1 below.

Total Assets of Banca Privada d’Andorra, SA (BPA).

Chart 1. Total Assets of Banca Privada d’Andorra, SA (BPA).

Recent changes in total assets of Banca Privada d’Andorra, SA (BPA) and its main components are shown in Table 1.

2012 2013 % change
Loans to customers 1 124.7 975.4 -13.27%
Bonds and other fixed-income securities 1 005.3 1 573.5 +56.52%
Total Assets 2 845.5 3 346.9 +17.62%
Table 1. Recent changes in total assets of Banca Privada d’Andorra, SA (BPA) (mln EUR).

Recent changes in total liabilities of Banca Privada d’Andorra, SA (BPA) and its main components are shown in Table 2.

2012 2013 % change
Customer deposits 1 621.5 1 516.2 -6.49%
Total Liabilities 2 845.5 3 346.9 +17.62%
Table 2. Recent changes in total liabilities of Banca Privada d’Andorra, SA (BPA) (mln EUR).

Profit and Loss

Gross Profit (2013)
122.87 mln EUR  (+22.97%)
Operating Income (2013)
30.69 mln EUR  (+91.32%)
Net Income (2013)
20.54 mln EUR  (+16.74%)

In 2013 gross profit of Banca Privada d’Andorra, SA (BPA) was 122.87 mln EUR. Growth compared to the previous period (2012) was 22.97%. The evolution of the gross profit of Banca Privada d’Andorra, SA (BPA) is shown at Chart 2 below.

Gross Profit of Banca Privada d’Andorra, SA (BPA).

Chart 2. Gross Profit of Banca Privada d’Andorra, SA (BPA).

Recent changes in gross profit of Banca Privada d’Andorra, SA (BPA) and its main components are shown in Table 3.

2012 2013 % change
Interest Income 72.8 75.0 +3.04%
Interest Charges -34.1 -27.0 -20.80%
Net Interest Income 38.7 48.0 +24.07%
Net Commission Income 48.5 54.0 +11.45%
Gross Profit 99.9 122.9 +22.97%
Table 3. Recent changes in gross profit of Banca Privada d’Andorra, SA (BPA) (mln EUR).

In 2013 net income of Banca Privada d’Andorra, SA (BPA) was 20.54 mln EUR. Growth compared to the previous period (2012) was 16.74%.

Number of Employees

Number of Employees (2014)
556 

In 2014 there were 556 employees of Banca Privada d’Andorra, SA (BPA). The value didn't change compared to the previous period (2013). The evolution of the number of employees of Banca Privada d’Andorra, SA (BPA) is shown at Chart 3 below.

Number of Employees of Banca Privada d’Andorra, SA (BPA).

Chart 3. Number of Employees of Banca Privada d’Andorra, SA (BPA).

Market Share and Rank (among banks in Andorra)

Total Assets (2013)
3rd (market share 21.09%)

In 2013 Banca Privada d’Andorra, SA (BPA) was ranked the 3rd largest bank in Andorra in terms of total assets, having 21.09% of the domestic market share.

Market share of Banca Privada d’Andorra, SA (BPA) (among banks in Andorra)

Chart 4. Market share of Banca Privada d’Andorra, SA (BPA) (among banks in Andorra)

Several banks having the market shares and ranks closest to Banca Privada d’Andorra, SA (BPA) are shown below.

RankNameTotal AssetsMarket Share
2 Andorra Banc Agrícol Reig, SA (Andbank)4042.98 mln EUR31.27%
3 Banca Privada d’Andorra, SA (BPA) (closed)3346.91 mln EUR21.09%
3 Mora Banc Grup, SA2165.25 mln EUR18.22%
 

Credit Ratings (as of May 2018)

Fitch Moody's
D (default) - (not rated)

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government. Banca Privada d’Andorra, SA (BPA) is rated by Fitch.

Credit ratings assigned to Banca Privada d’Andorra, SA (BPA) 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 Banca Privada d’Andorra, SA (BPA) it is set to D (default). The rating is not on watch. Short-term issuer default rating for Banca Privada d’Andorra, SA (BPA) is set to D (default).

Long-Term Issuer Default Rating  D
    Outlook  -
    On Watch  No
Short-Term Issuer Default Rating  D
Viability Rating  f
Support Rating  5
Support Rating Floor  NF

Viability rating for Banca Privada d’Andorra, SA (BPA) is set to f (has failed, and that either has defaulted or would have defaulted had it not received extraordinary support); 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 Banca Privada d’Andorra, SA (BPA) 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 Banca Privada d’Andorra, SA (BPA) and its components are shown in the table below.

BIC  CASBADAD
Bank BIC Code  CASB
Country Code  AD (Andorra)
Location Code  AD
Branch Code  -