The Cr\u00e8dit Andorr\u00e0 Group, leader in the Principality of Andorra\u2019s financial market, has now acquired 85% of the share capital of Banco SA Alcal\u00e1, after receiving authorization from the Andorran National Institute of Finance (INAF), the Bank of Spain, the Spanish financial securities markets’ regulatory body (CNMV) and the Directorate General for Insurance and Pension Funds (DGSFP). Banco Alcal\u00e1 SA will be geared towards global asset management for private and institutional clients and will have offices in Madrid (the bank\u2019s head office) and Barcelona. This purchase will enable the Group to strengthen its position in the international financial system and establish its presence in the European market.<\/p>\n
Banco Alcal\u00e1 SA provides comprehensive management services for institutional clients and large assets, following the principles and values that have inspired the two groups\u2019 track record, such as solvency, professionalism, expertise, diligence, discretion and the main value – completely client-oriented work.<\/p>\n
The core shareholders who created Banco Alcal\u00e1 SA will retain a stake in the entity\u2019s capital of 15%. The new president is Diego Fernandez de Henestrosa, and Cr\u00e8dit Andorr\u00e0\u2019s CEO, Josep Peralba Dur\u00f3, will serve as vice president of the organization. Frank Martinez is now the bank\u2019s CEO and chief executive. The other members of the Executive Board are: Jos\u00e9 Arg\u00fcelles, Juan Carvajal, Xavier Cornella, Jos\u00e9 Luis Dorado, Carlos Fern\u00e1ndez-Rub\u00edes, Francesc Jord\u00e1 and Alfons Maristany. Meanwhile, Jacobo Arg\u00fcelles will be supporting the organization\u2019s new management team as chairman of the managing body for collective investment institutions, Gesalcal\u00e1, SGIIC.
This acquisition strengthens the Cr\u00e8dit Andorr\u00e0 Group in its expansion in the euro area, which began last May with the purchase of Banque BPP in Luxembourg.<\/p>\n
Both parties welcomed the success of this transaction. Josep Peralba Dur\u00f3, CEO of Cr\u00e8dit Andorr\u00e0, said that “the operation is a very important milestone in our 60 years of history and a logical, decisive step in providing exclusive services in the field of asset management in Spain. Our strategy is one of open design structure in products and services. The clients are our raison d\u2019\u00eatre and they therefore require completely individual, independent attention.” Diego Fernandez de Henestrosa, Chairman of Banco Alcal\u00e1 SA, said he is “very happy to have found in Cr\u00e8dit Andorr\u00e0 a partner committed to big plans for developing a powerful global private banking franchise.”<\/em><\/p>\n About Cr\u00e8dit Andorr\u00e0 <\/strong><\/p>\n Cr\u00e8dit Andorr\u00e0 is the leading financial group in Andorra with a market share of 36%. The entity handles a business volume of 12,270 million euros (2010) and is the leader in the sector in terms of its own assets, managed funds, business volume, loans and discounts, solvency and profits. It has proven strength, with a TIER1 of 15.44% and solvency and liquidity ratios of 18.81% and 54.68% respectively, Cr\u00e8dit Andorr\u00e0\u2019s solvency far surpasses the average for European and North American banks.<\/p>\n In Andorra, it provides commercial banking, private banking and asset management on an international level, in addition to other lines of business handled through the group, such as products and consultancy in the field of insurance. Cr\u00e8dit Andorr\u00e0 is currently present in Spain, Switzerland, Luxembourg, Mexico and Panama.<\/p>\n It was awarded the 2010 Andorran Bank of the Year award<\/em>, given by the financial publication The Banker<\/em> from the Financial Times group. It also won the award in 2002, 2003, 2004, 2006, 2007, 2008 and 2010.<\/p>\n","protected":false},"author":12,"featured_media":5660,"template":"","categories":[400,401],"tags":[596,600],"class_list":["post-11022","press-notes","type-press-notes","status-publish","has-post-thumbnail","hentry","category-corporate","category-business","tag-international-presence","tag-spain"],"acf":[],"_links":{"self":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/press-notes\/11022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/press-notes"}],"about":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/types\/press-notes"}],"author":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/users\/12"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media\/5660"}],"wp:attachment":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media?parent=11022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/categories?post=11022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/tags?post=11022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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