Concept
MoraBanc is Andorra's third-largest bank (~19% market share) and its most family-owned: Mora Banc Grup is 100% held by the Mora family in its fourth generation. Type: a family-owned private bank, unlisted; Fitch rates it BBB– with the outlook raised to Positive in June 2025. Founded in 1938 as a currency-exchange office, banking-licensed since 1956. The chairman is Joan Maria Nin (former CEO of La Caixa); the CEO is Lluís Alsina. Since 2026 the international wealth businesses are being consolidated under the Mora Capital Group brand.
History and evolution
Banco de Bilbao (the future BBVA) entered the capital in 1970; in 2006 the family bought back its 51% and restored full Andorran control. International expansion since 2008: the US and Switzerland through the Boreal Capital structures (Zurich, FINMA; Miami, SEC/FINRA — clients primarily from Latin America). Andorran consolidation: the purchase of BancSabadell d'Andorra (2021, merger completed 2022). Then Spain: 75%+ of Madrid boutique Tressis (2024) and 100% of Banco Europeo de Finanzas from Unicaja (July 2025) — a full Spanish banking licence.
2025 results: record assets under management of €20.1bn, profit of €62.5m (a tenth consecutive growth year); CET1 at 20.5%; 584 staff. Since 2024 the international units have outgrown Andorra by assets.
Regulation
- AFA — Mora Banc Grup SA (Andorra);
- Banco de España / CNMV — Banco Europeo de Finanzas and Tressis SV;
- FINMA — Boreal Capital Management AG (Zurich);
- SEC / FINRA — Boreal Capital Management LLC and Boreal Capital Securities LLC (Miami).
Source of funds and compliance
Non-residents are accepted: investment accounts with a source-of-funds file and CRS; documents are typically signed in person in Andorra. No public sanctions against the group were identified; contextual episode: the first attempt to buy Tressis in 2015 was halted by the CNMV amid the Banco Madrid intervention — not MoraBanc's doing.
Who it serves
- HNW clients: no official minimum is published; industry estimates cite entry from ~€500,000 (unofficial);
- Latin American non-residents — the Miami axis (Boreal, ~$3bn) and Zurich;
- Spanish clients — via Tressis and BEF;
- alternatives investors — the global iCapital partnership (since 2025) for Zurich and Miami.
Services
Wealth management
- discretionary management, including mandates exclusive-in-Andorra with Goldman Sachs Asset Management; advisory and brokerage;
- private markets via iCapital.
Lending
- private lending through Mora Private Lending (Miami); lombard-style logic against assets.
Spain
- private banking and advisory through Tressis (absorbing MoraWealth); the BEF banking licence for the full format.
Entities and booking centres
| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
|---|---|---|---|
| Andorra | Mora Banc Grup SA | bank, AFA | main booking centre |
| Switzerland | Boreal Capital Management AG, Zurich | manager, FINMA | multi-custody management; no deposits |
| US | Boreal Capital Management LLC / Boreal Capital Securities LLC, Miami | SEC / FINRA | Latin American clients (~$3bn) |
| Spain | Banco Europeo de Finanzas + Tressis SV | bank, Banco de España; adviser, CNMV | domestic private banking (~€7bn at Tressis) |
There are no direct points in Mexico or the Middle East; Latin America is served from Miami.
Strengths
- full family control and ten straight years of profit growth;
- a fresh Spanish banking licence (BEF) and the strong Madrid boutique Tressis;
- an American axis via Boreal in Miami with the full SEC/FINRA format;
- exclusive Goldman Sachs AM mandates for Andorra and the iCapital partnership.
Where it does not fit
- clients needing booking in Luxembourg or Asia — neither exists;
- those seeking a published threshold — the minimum is undisclosed;
- fortunes below ~€500,000 (the unofficial benchmark);
- clients sensitive to small scale: €20bn is a local size.
MoraBanc is Andorra's family house that assembled a Spanish licence, a Madrid boutique and an American axis within five years; for a Latin American non-resident it is a compact alternative to the large houses.
Q/A
Entry and geography
What minimum capital does MoraBanc require?
No official minimum is published. Industry estimates cite entry from ~€500,000; exact terms are agreed individually and depend on residence. Documents are typically signed in person in Andorra.
What did the Banco Europeo de Finanzas purchase bring?
A full Spanish banking licence (July 2025, ~€45m): MoraBanc entered Spain's banking system, while Tressis added boutique advisory. Spain became the second home market after Andorra.
What does the deposit guarantee cover?
Andorra — FAGADI €100,000 per depositor; Spain — FGD €100,000; US brokerage assets — SIPC. Custody securities remain the client's property.
Structure
Is Boreal MoraBanc's Swiss bank?
No: Boreal Capital Management AG in Zurich is a FINMA-licensed wealth manager without deposits (a multi-custody model: assets sit with custodian banks). Banking booking sits in Andorra and Spain.
Who owns the bank?
The Mora family holds 100% in the fourth generation; the chairman is an outside heavyweight, Joan Maria Nin (ex-CEO of La Caixa), with CEO Lluís Alsina running operations. BBVA left the capital back in 2006.