Banca Privada d’Andorra, SA (BPA)

 (3.0; 2 ratings)
3.0 2
Business Focus
international private banking, domestic retail banking

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.

Products and Services

Services
retail banking
corporate banking
private banking
asset management
financial advisory
Clients
natural persons
legal entities
Area Served
Andorra
internationally

Account Opening

Becoming a client of Banca Privada d’Andorra, SA (BPA) can be done in a few steps:
1.

Due to regulatory requirements Banca Privada d’Andorra, SA (BPA) performs KYC/AML checks when establishing business relationships with a new client. While onboarding a private individual Banca Privada d’Andorra, SA (BPA) will ask him/her to provide the following documents: passport, ID card, utility bill, employment contract, wage slip, tax return, bank reference, bank statement. For corporate clients Banca Privada d’Andorra, SA (BPA) will ask to provide corporate documentation as well as information about controlling persons. Banca Privada d’Andorra, SA (BPA) may request additional documentation or information depending on the case.

Ways to Bank

branch
online banking

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.

Credit Ratings

Fitch: D
AAA
AA+, AA, AA-
A+, A, A-
BBB+, BBB, BBB-
BB+, BB, BB-
B+, B, B-
CCC, CC, C, RD, D
Moodys: -
Aaa
Aa1, Aa2, Aa3
A1, A2, A3
Baa1, Baa2, Baa3, Baa4
Ba1, Ba2, Ba3
B1, B2, B3
Caa1, Caa2, Caa3, Ca

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

Deposit Guarantee

Protected Amount
up to 100,000 EUR
Guarantee Fund
Andorran Deposit Guarantee Fund (FAGADI)
Covered Depositors
natural persons (Andorran and foreign)
legal entities (Andorran and foreign)
Covered Accounts
any credit balance on a bank account

Banca Privada d’Andorra, SA (BPA) participates in the deposit guarantee scheme of Andorra. This deposit guarantee scheme applies to any credit balance on a bank account made by natural persons (Andorran and foreign), legal entities (Andorran and foreign) and covers up to up to 100,000 EUR per bank per depositor. Banca Privada d’Andorra, SA (BPA) is a member of Andorran Deposit Guarantee Fund (FAGADI) and makes its contributions into it.

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
LEI
549300DC1CW6CCHTBC22

Bank Supervision

Supervised By
Andorra Financial Authority
Reference Number
EB 04/95

Banca Privada d’Andorra, SA (BPA) is authorized and supervised by the Andorra Financial Authority (reference number EB 04/95).

Bank History

Founded
13 April 1957
Close Date
27 April 2015

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