# MoraBanc: Andorra's family bank with a Spanish licence > MoraBanc — Andorra's family bank with €20bn AuM: a Spanish licence via BEF, the Tressis boutique, the Boreal Zurich–Miami axis, Goldman Sachs mandates and FAGADI protection. Last modified: 2026-10-19T00:00:00.000Z Canonical: https://wiki.private.law/en/morabanc Publisher: wiki.private.law (https://wiki.private.law) Version: 99b33b8c72e311461b16c78959c4170b86355cd91eaf57f7db68d3225bd47205 Cite as: MoraBanc: Andorra's family bank with a Spanish licence. wiki.private.law. https://wiki.private.law/en/morabanc. Version 99b33b8c72e311461b16c78959c4170b86355cd91eaf57f7db68d3225bd47205. Topics: banking Jurisdictions: andorra, spain, switzerland, usa 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 --- ## 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](https://www.afa.ad/ca/assets/memoria-dactivitats/memoria-activitats-afa-2022.pdf) (2021, merger completed 2022). Then Spain: 75%+ of Madrid boutique Tressis (2024) and [100% of Banco Europeo de Finanzas from Unicaja](https://www.morabanc.ad/en/thinkbank/press-room/morabanc-completes-purchase-banco-europeo-finanzas-enters-spanish-banking-system) (July 2025) — a full Spanish banking licence. 2025 results: [record assets under management of €20.1bn](https://www.morabanc.ad/en/thinkbank/press-room/morabanc-reaches-62-5-million-eur-profit-10-consecutive-years-growth), 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. > 🍓 Deposits in Andorra are covered by [FAGADI — €100,000](https://www.afa.ad/en/fons-de-garantia/fons-andorra-de-garantia-de-diposits-fagadi) per depositor; the Spanish entities by the FGD (€100,000); the US Boreal structures by SIPC (brokerage assets). Zurich's Boreal is a manager without deposits (a multi-custody model). Custody securities remain the client's property. ## 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](https://wiki.private.law/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. > 💡 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 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](https://wiki.private.law/lombard-lending) 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. --- ## Similar articles - [British Atlantic Bank (NodaBank): Accounts, Deposits and Lending](https://wiki.private.law/en/nodabank) - [Creand: Andorra's oldest bank with a Luxembourg depositary](https://wiki.private.law/en/creand-credit-andorra) - [Andbank: Andorra's family bank with an EU + Miami map](https://wiki.private.law/en/andbank) - [Santander Private Banking: the Spanish leader with a transatlantic axis](https://wiki.private.law/en/santander-private-banking) - [BBVA Private Banking: three hubs for Latin America and a crypto line](https://wiki.private.law/en/bbva-private-banking) - [BTG Pactual: Latin America's investment house with Luxembourg and US booking](https://wiki.private.law/en/btg-pactual) --- Source: wiki.private.law — the private.law legal knowledge base. When quoting, cite the canonical page URL. Consultation with a lawyer: https://t.me/private_law_bot