Concept
Andbank is Andorra's largest bank and its leading private bank: a family group assembled in 2001 by merging Banc Agrícol i Comercial d'Andorra (1930) and Banca Reig (1956). Type: a family-owned private bank — the Cerqueda and Reig/Ribas families control ~71% through holding vehicles; unlisted but rated Fitch BBB/Stable (the best in Andorra). The group CEO is Carlos Aso (since 2021); the chairman is Manel Cerqueda. Headquarters in Escaldes-Engordany.
History and evolution
After the 2001 merger the bank expanded internationally: Luxembourg (2010 — the first Andorran EU banking licence), Monaco (2011, acquiring Monte Paschi Monaco), Spain (its own licence from 2013), Brazil (2015, Banco Bracce), Miami (an SEC-registered adviser and a FINRA broker), and Spain was reinforced by the Degroof Petercam Spain acquisition (2021). Then came the rebuild: the Brazilian banking licence was sold to Creditas (completed 2025; private banking, asset management and the multi-family office remain), fund distributor Andbank DTVM went to Allfunds (2025), Mexico is being sold, the Bahamas and Panama are closed; the 2024 bid for Banque Havilland Monaco did not complete — the asset went to rivals (now Moncrief).
2025 results: profit of €50.6m (+10%, a fourth consecutive double-digit year), assets under management of €62bn (+26.8%), business volume of €66.15bn; Tier 1 at 18.2%; ~1,325 staff across 11 countries.
Regulation
- AFA — Andorra Banc Agrícol Reig SA (Andorra);
- Banco de España / CNMV — Andbank España Banca Privada SA and the SGIIC management company;
- CSSF — Andbank (Luxembourg) SA and Andbank Asset Management Luxembourg;
- CCAF / ACPR — Andbank Monaco SAM;
- SEC / FINRA — Andbanc Advisory LLC and Andbanc Brokerage LLC (Miami);
- FINMA — And Private Wealth SA (Geneva, advisory).
Source of funds and compliance
The standard file applies: identification, beneficial owners, source of funds and source of wealth, CRS. Dated episode: a CNMV fine of €440k (2018) for Andbank España over conflicts of interest and non-permitted inducements — eight years old; no fresh public AML sanctions exist. The 2015 FinCEN case concerned Banca Privada d'Andorra — a different bank, unrelated to Andbank.
Who it serves
- HNW clients: no official minimum is published; industry estimates cite ~€1m (unofficial);
- non-residents booking in Andorra, Luxembourg, Monaco or via Miami for the US market;
- Latin American and Spanish families — the group's historic axis;
- external asset managers and advisers — a dedicated desk.
Services
Wealth management
- discretionary and advisory management;
- the fund shelf: ~90 funds in Luxembourg (Sigma Investment House, Merchbanc) plus the Spanish SGIIC.
Lending
- lombard loans (Luxembourg) and real-estate financing (Monaco).
Private markets and family
- Actyus Private Equity (venture and hospitality); family office; philanthropy via the Andbank foundation (cancer research).
Entities and booking centres
| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
|---|---|---|---|
| Andorra | Andorra Banc Agrícol Reig SA | parent bank, AFA | main booking centre |
| Spain | Andbank España Banca Privada SA | bank, Banco de España/CNMV (built on Degroof Spain) | domestic private banking |
| Luxembourg | Andbank (Luxembourg) SA | bank, CSSF (since 2010) | EU booking centre and funds |
| Monaco | Andbank Monaco SAM | bank, CCAF/ACPR | booking centre (~400 families) |
| US | Andbanc Advisory LLC / Andbanc Brokerage LLC (Miami) | SEC adviser / FINRA broker | Latin American clients |
| Brazil | private banking and AM (after the bank sale to Creditas) | local supervision | domestic private banking |
Closed or being sold: the Bahamas (2022), Panama (banking licence surrendered), Mexico (sale pending regulatory approval), Israel (stake cut to ~22%).
Strengths
- a full map: Andorra + the EU (Luxembourg, Spain, Monaco) + Miami;
- third-generation family ownership and Andorra's best rating (Fitch BBB);
- ten straight years of double-digit profit growth;
- a strong fund shelf and private markets.
Where it does not fit
- clients in Asia — no direct points;
- those seeking a published entry threshold — the minimum is undisclosed;
- clients sensitive to perimeter shrinkage: the Brazil bank is sold, Mexico is up for sale;
- fortunes below ~€1m (the unofficial benchmark).
Andbank is Andorra's family house with a map rare for the Principality: the EU plus Miami. After selling the Brazilian bank, the group is concentrating on private banking and asset management.
Q/A
Entry and geography
What minimum capital does Andbank require?
The bank publishes no official minimum. Industry estimates cite a threshold around €1m; product tickets run lower (for example, the Actyus hospitality fund — from €250,000 for bank clients). Admission is individual.
Where can I book an account?
Andorra (the parent bank), Luxembourg, Monaco and Spain; for the US market — the adviser and broker in Miami. The jurisdiction is agreed with the banker by residence and products.
What does the deposit guarantee cover?
Andorra — FAGADI €100,000 (exceptionally up to €300,000); Spain — FGD €100,000; Luxembourg — FGDL €100,000; Monaco — FGDR €100,000. Custody securities remain the client's property.
Perimeter
Is Andbank leaving Latin America?
Selectively: the Brazilian banking licence was sold (Creditas, 2025) along with the fund distributor (Allfunds), and Mexico is being sold; but private banking, asset management and the multi-family office in Brazil remain, and the Miami–Latin America axis stays at the core of the model.
Did Andbank have a conflict with the CNMV?
A 2018 case: a €440k fine for the Spanish entity over acting against clients' interests and non-permitted payments. That is a dated episode; the group has no fresh public AML sanctions, and the 2015 FinCEN case concerned a different Andorran bank (BPA).