# Andbank: Andorra's family bank with an EU + Miami map

> Andbank — Andorra's largest bank with €62bn AuM: legal entities by country (Luxembourg, Monaco, Spain, Miami), a Fitch BBB rating, the Brazil bank sale and FAGADI protection.

Last modified: 2026-10-19T00:00:00.000Z
Canonical: https://wiki.private.law/en/andbank
Publisher: wiki.private.law (https://wiki.private.law)
Version: 249e1774f6aa45c8363d413d848b08f69b3cdda9885353b64c344b017f38b575
Cite as: Andbank: Andorra's family bank with an EU + Miami map. wiki.private.law. https://wiki.private.law/en/andbank. Version 249e1774f6aa45c8363d413d848b08f69b3cdda9885353b64c344b017f38b575.
Topics: banking
Jurisdictions: andorra, spain, luxembourg, monaco, usa, brazil
Functional tags: private-banking
Product tags: bank, wealth-planning, investment, custody, lombard-credit, family-office
Semantic tags: private-banking, bank, wealth-planning, investment, custody, lombard-credit, family-office

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## 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](https://www.andbank.com/en/andbank-espana-concludes-the-acquisition-of-degroof-petercam-spain-after-regulatory-approval/) 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)](https://www.andbank.com/en/the-andbank-group-increases-profits-by-10-to-e50-6-million-and-reaches-turnover-of-e66-15-billion-up-26-3/), assets under management of €62bn (+26.8%), business volume of €66.15bn; Tier 1 at 18.2%; ~1,325 staff across 11 countries.

> 🍓 Deposit protection by entity: Andorra — [FAGADI, €100,000](https://www.afa.ad/en/fons-de-garantia/fons-andorra-de-garantia-de-diposits-fagadi) (exceptional cases up to €300,000); Spain — FGD €100,000; Luxembourg — FGDL €100,000; Monaco — the French FGDR €100,000. Custody securities remain the client's property.

## 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](https://wiki.private.law/source-of-funds), 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.

> 💡 Prepare the source-of-wealth file in advance: sale of a business, dividends, inheritance. The mechanics are covered in the guide on [documenting source of funds](https://wiki.private.law/source-of-funds).

## 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**](https://wiki.private.law/eam-external-asset-manager) — 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](https://wiki.private.law/lombard-lending) (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).

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