Andorra’s banking system: Andorran banks, financial regulation and international presence

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🏁 A private-banking system that has progressively become more commercial

Andorra’s banking system was born and developed around private banking and wealth management. For decades, the sector focused mainly on family wealth and international clients, operating with flexible structures and a high level of discretion.

Over time — especially after the reforms introduced from 2009 onwards and the turning point of the BPA case in 2015 — the system has undergone a profound transformation:

• it has aligned itself with EU and OECD standards
• it has strengthened supervision and transparency
• and it has combined traditional private banking with a growing orientation towards commercial banking: individuals, freelancers, local businesses and the real economy

Today, the core of the system is formed by three Andorran banks (Creand Crèdit Andorrà, Andbank and MoraBanc), with notable international presence and a significantly more robust regulatory environment than in previous decades.

➤ To better understand the country’s institutional evolution, you may also consult “International evolution of Andorra: from tradition to a global landscape”.

🏦 The three Andorran banks operating today

🟩 Creand Crèdit Andorrà

Origin and historical position

Founded in 1950 as Crèdit Andorrà, it celebrates 75 years of activity in 2025. It has traditionally been perceived as “the country’s bank”: the largest branch network, the most resident clients and a strong presence in commercial banking, while still maintaining substantial private-banking activity.

Brand evolution and structure

Progressive strengthening of private banking and asset management from the 1990s onwards.

• 2021: international subsidiaries adopt the CREAND brand.
• 2023: Crèdit Andorrà becomes Creand Crèdit Andorrà in Andorra.

The group is structured around:

• Creand Crèdit Andorrà (bank)
• Creand Asset Management (asset manager)
• Creand Assegurances Estalvi (savings & life-insurance arm)
• Creand Fundació (social and cultural foundation)

International presence

Creand’s international activity is concentrated in three strategic markets:

• Spain – Creand Wealth Management (Madrid, originally Banco Alcalá)
• Luxembourg – Creand Wealth Management Luxembourg
• United States (Miami) – Creand Management Inc.

Local presence

It is the Andorran bank with the strongest tradition in commercial banking (individuals, retailers, freelancers and companies), while maintaining an important role in private banking and asset management. It combines daily banking and high-net-worth services more than any other Andorran bank.

🟥 Andbank

Origin and current configuration

Founded as Andbank in 2001 following the merger of two historic banks:

• Banc Agrícol i Comercial d’Andorra (1930)
• Banca Reig (1956)

Profile: a family-owned institution strongly specialised in private banking and global wealth management.

Group structure in Andorra

• Andorra Banc Agrícol Reig, SA (banking licence)
• Andorra Gestió Agrícol Reig, SAU (collective investment scheme manager)
• Assegurances Agrícol Reig, SA (insurance arm)

International presence

Andbank is currently the Andorran bank with the most extensive international network. It operates in 11 countries, mainly across Europe and the Americas:

In Europe:

• Spain: Andbank España SAU (bank), Andbank Wealth Management SGIIC (asset manager), Medipatrimonia Invest (advisory)
• Luxembourg: bank and UCITS management company
• Monaco: Andbank Monaco SAM
• Switzerland: And Private Wealth SA (Geneva)

In the Americas:

• United States (Miami): Andbanc Advisory LLC and Andbanc Wealth Management LLC
• Mexico: Columbus de México
• Uruguay: APW Uruguay SA and representation offices
• Brazil: Banco Andbank Brasil SA and associated services

Other:

• Panama: securities firm and regional representation

Local presence

Main focus: private banking and global wealth structuring. Less retail presence than Creand or MoraBanc. Strong reputation in international wealth planning.

🟦 MoraBanc

Origins and institutional evolution

Origins: 1938, initially as a currency exchange office.
Official banking authorisation: 1956.

Key milestones:

• 1962: acquisition of Banc Coma
• 1970: Banco de Bilbao (later BBVA) joins as shareholder
• 2006: MoraBanc buys back BBVA’s 51% stake and becomes 100% Andorran
• 2008: start of international expansion (USA and Switzerland)
• 2020: creation of MoraWealth (US-based securities agency)
• 2021: acquisition of Banc Sabadell d’Andorra, significantly reinforcing its retail-banking position

Group structure in Andorra

• Mora Banc Grup, SA (holding company, registered with the AFA)
• Mora Gestiò d’Actius, SAU (asset manager)
• Mora Assegurances, SAU (insurance arm)

International presence

• Switzerland: Boreal Capital Management (Zurich)
• United States (Miami):
  • Boreal Capital Holdings USA
  • Boreal Capital Management LLC (registered with the SEC)
  • Boreal Capital Securities LLC (registered with FINRA)
• Spain: MoraWealth Management España SV SAU and a strategic stake in Tressis (Tressis SV and Tressis Gestión SGIIC)

Local presence

Following the acquisition of Banc Sabadell d’Andorra, MoraBanc has greatly strengthened its position in commercial banking, companies and individuals. It also maintains significant insurance and asset-management activity. It is now one of the most present financial institutions in Andorra’s daily economic life.

🧩 Disappeared banks and sector restructuring

🔴 BPA, Vall Banc and the 2015 restructuring

Banca Privada d’Andorra (BPA)

Created originally in the 1950s (Banca Cassany, later BPA). It was intervened in 2015 after a FinCEN notice from the United States concerning money-laundering risks. This event marked a before-and-after in Andorra’s regulatory credibility and international reputation.

Bank Resolution and Restructuring Law (2015)

The law created AREB (Andorran Bank Resolution Authority), allowing the transfer of “good assets” into Vall Banc and establishing a modern framework aligned with European bank-resolution mechanisms

In 2022, Vall Banc was acquired by Creand Crèdit Andorrà, which integrated its activity and client base.

🟥 Altres integracions històriques

• 🟨 Banc Sabadell d’Andorra (BSA): Founded in 2000 as a subsidiary of Banc Sabadell; acquired by MoraBanc in 2021.
• 🟫 Banc Coma: Absorbed by MoraBanc in 1962.

These operations progressively concentrated the system into the current model of three large Andorran banks with international reach.

💳 Complementary financial services: insurance, asset management and other key components

Andorran banks do not operate alone. Each group has its own extended financial ecosystem, including:

• asset-management companies
• insurance companies (life, savings, various risks)
• securities firms and brokerage platforms
• international structures in Luxembourg, Switzerland, Spain and the United States
• technology subsidiaries and corporate holdings

This ecosystem makes Andorra’s financial sector comparable to other European private-banking hubs, despite the country’s small size.

➤ To complement this overview with the tax perspective, you may consult “Taxation in Andorra: structure, tax rates and real advantages”.

🏛️ The AFA and the regulatory framework of Andorra’s financial system

🏛️ From INAF to AFA

Andorra’s financial supervisor is the Andorran Financial Authority (AFA), successor to the former INAF. Its main functions include:

• banking and insurance supervision
• solvency control and prudential-regulation compliance
• market supervision and prevention of abusive practices
• anti-money-laundering and counter-terrorism-financing supervision
• financial-consumer protection
• authorisation of mergers, acquisitions and international operations

In practice, the AFA is the central body that ensures the Andorran banking system operates in accordance with European and international regulatory standards.

⚖️ Bank restructuring and alignment with Europe

The Bank Resolution and Restructuring Law (2015) was essential in managing the BPA case and establishing a stable framework for future crises. It:

• created AREB as the competent resolution authority
• allowed the separation of sound and problematic assets
• ensured continuity of essential banking services for customers
• aligned Andorra with the EU’s bank-resolution framework

💶 Integration into European payment systems (SEPA)

Since 2019, Andorra has been part of the SEPA zone, which enables:

• the use of Andorran IBANs (AD) for transfers and direct debits
• simplified international payments with the eurozone
• easier operations for residents, companies and investors working with various European countries

➤ For a broader view of Andorra’s economic environment, you may consult “Living and working in Andorra: labour market and economic context”.

🔍 Final overview: a concentrated, internationalised and supervised system

Summarising the current landscape, Andorra’s banking system can be described as follows:

Three active banks:

• 🟩 Creand (Crèdit Andorrà)
• 🟥 Andbank
• 🟦 MoraBanc

International presence (from highest to lowest):

• 🟥 Andbank
• 🟩 Creand
• 🟦 MoraBanc

Local presence in retail/commercial banking (highest to lowest):

• 🟩 Creand
• 🟦 MoraBanc
• 🟥 Andbank

Historical banks integrated or dissolved:

• 🔴 BPA → restructured via Vall Banc and ultimately integrated into Creand
• 🟡 Banc Sabadell d’Andorra → integrated into MoraBanc
• 🟤 Banc Coma → absorbed by MoraBanc

It is a concentrated yet diversified sector, highly specialised in private banking and increasingly active in commercial banking, all under the supervision of the AFA and aligned with OECD and EU standards.

Anyone wishing to operate with Andorran banks should keep in mind:

• the system is far more transparent and regulated than a decade ago
• each entity has its own strategy and positioning (more private, more commercial, more international, more local)
• analysing one’s banking needs is essential before choosing a bank

If you are considering opening an account, transferring assets or structuring a company in Andorra, it is important not to rely on the historical image of a “banking haven”, but to understand how the system currently operates and how it fits your fiscal and personal circumstances.

➤ If you wish to assess in detail which type of banking relationship best suits your situation (personal, corporate or investment-related), we can review it in a personalised session or you can contact us through our contact form.

Last review date: November 2025