Madrid, Spain – June 2020 Andbank Espana S.A.U. (“Andbank Espana”) and Bank Degroof Petercam SA (“Degroof Petercam”) announced today the signing of a share purchase agreement for the acquisition of Bank Degroof Petercam Spain S.A., a wholly owned subsidiary of Degroof Petercam, by Andbank Espana. Under the agreement, Andbank Espana will acquire 100% of the shares of Bank Degroof Petercam Spain S.A.
Madrid, 4 May 2020. Andbank Spain, an entity specialising in private banking, ended 2019 with consolidated profits totalling 10.9 million euros (under IFRS regulations), a rise of 38% set against the previous year. The bank’s turnover in Spain amounted to 10.599 billion euros, a figure representing an upturn of 10% compared with the closure of 2019.
Escaldes-Engordany, 20th April 2020. Fitch has confirmed Andbank’s BBB long-term credit rating. The rating agency has revised the outlook from stable to negative due to the current environment caused by the coronavirus pandemic, underscoring that Andbank has headroom to emerge from the crisis with its ratings intact. According to Fitch, “these expectations are primarily driven by its diversification of income sources, which is greater than domestic peers’, and which should provide greater resilience to earnings pressures”.
Andorra, 27th February 2020. Andbank, an international group specialising in private banking, ended 2019 with a volume of assets under management totalling 23,842 million euros, which represents an increase of 2,067 million euros, a figure 9.6% higher than that recorded in the previous year. Similarly, the credit investment stood at 1,611 million euros, above the 1,458 million euros achieved by the Group during the previous year. As a result, the Group’s turnover, reaching 25,453 million euros, rose by 9.7% compared with 2018, thus consolidating its leadership as the entity with the highest volume of business in the Principality.
Madrid, 24 February 2020. Andbank, an international group specialising in private banking, has appointed Alex Fusté as Director of Investments at Andbank Spain and member of the board of directors of the Spanish private bank. Furthermore, the bank has also appointed Juan Luis García Alejo as Director of Global Asset Management and General Director of Andbank Wealth Management Spain (AWM). Both professionals, who have extensive experience in asset management and market analysis, come from within Andbank, where they have held various positions of responsibility for a large part of their professional careers.
