World August 2017. N.º 10
Andbank Internal Newsletter
Editorial Ricard Tubau
“Fitch maintains Andbank’s long term rating at BBB” Evolution of the group
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Social Events
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Interesting People
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New Employees
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Andbank News
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Andbank Territories
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Andbank Knowledge
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People Platform
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Revista Trimestral del Grupo Andbank Mayo 2014. N.ยบ 3
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Contents 01
Editorial Ricard Tubau
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04 11
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Andbank Territories Andorra
Interesting People
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Interview with Jean Nouvel
01 08 23
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Conferences | Events Colaborations
07 03
New faces in the group
Social Events
Andbank News Interview with Gabriel Enrique Fรกbrega Fitch Rating | Others
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News Andbank Brasil
New Employees
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Results
CEO Andbank
Andbank Knowledge
Evolution of the group
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01 09 24
People Platform Contests
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Editorial
Dear colleagues: We reach the mid-point of 2017 with the current year well on track and with most of the goals of our strategic plan for 2014 - 2017, now in its last year, already achieved. The accumulated profit as of June 2017 was 23.6 million euros, practically identical to last year’s figure on the same date. This figure is especially good in the current situation of interest rates. The Principality of Andorra has made steady progress in its firm commitment to join the main international organisations and adopt a transparent, modern legal framework that is comparable to those of other countries and financial centres, especially the agreement for automatic exchange of information. In fact, according to the OECD, Andorra has joined the list of “broadly co-operative” countries according to the results of the accelerated review procedure published during the Global Forum on transparency and exchange of tax information, which took place in Panama in June. The Fitch Ratings agency has kept Andbank’s long-term rating at BBB, with stable outlook. This valuation corroborates the solvency and record of Andbank, which currently manages close to 22 billion euros, reaffirming its position as the leading Group in Andorra. These figures consolidate the positive line that the bank started in 2008, with an accumulated average annual growth rate of 16.5%. The projects connected with our Technological Transformation Plan, NEWTON, are developing according to expectations and we can already see the first implementations such as the new AML solution based on Oracle OFSAA. This system has been available in Andorra since the beginning of the year and will be implemented progressively in other jurisdictions. Also, the new financial terminal is up and running and will be rolling out more functionalities in all jurisdictions. In fact, following our policy of technological transformation, LLA Andbank, which already operates as Andbank Brasil, has redesigned its website and has launched a new app to strengthen dialogue with the client.
In the company field, there have been many events in this first half-year where we have had a presence, such as the Patrimonia meeting in Madrid, the meeting for financial agents and the first international meeting on the circular economy in Andorra. Our charity facet has also been very important; we continue to collaborate with the Fero foundation and this year too resulted in a resounding success for the Fero Gala organised in Barcelona, which was attended by over 900 people. We have strengthened our collaboration with the foundation Cris contra el cáncer, and in fact the dinner to mark the fifth anniversary of Andbank España became a benefit dinner to raise funds for this Foundation. Internally, we have seen our colleagues from Spain and Andorra join forces in a charity day with the foundation “Montañeros por el Himalaya” in an excursion to the Puigmal in an initiative called “Solidarity Summits”. I would like to use these words to encourage you to keep working along the same lines. The effort and dedication shown by all of us is yielding results and we must not lower our guard. There are still some months of 2017 left and we must make the most of every one of then.
Ricard Tubau CEO Andbank
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Evolution of the group
Results in May 2017 The Andbank Group closed May 2017 with assets under management of 22,243,000,000 Euros, which represents a growth of 2.1% over the close of December 2016. The group holds its position as the largest bank in the country, with a 48% quota of clients’ resources.
Andbank remains one of the reference points of worldwide private banking in levels of solvency and liquidity. We must mention the sound ratios of solvency and liquidity of 22.8% and 64.5% respectively, well above what is required by Andorran regulation. The European equivalent is a Tier 1 of 13.62%.
The profit after tax in these first five months of the year is €18.8M, reaching the same level as the previous year. These results have special importance, taking into account the difficult context of CRS, tax amnesties, growing regulation and negative interest rates in Europe.
Millions € AUMs
May 2017
December 2016
22,429
21,779
Lending
1,513
1,530
Volume
23,756
23,309
Solvency ratio
22.8%
25.70%
Liquidity ratio
64.5%
65.77%
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Andbank News
Interview with Gabriel Enrique FÁBREGA WRIGHT Managing Director Private Banking, Panama What’s the state of the economy in Panama? Panama has recently experienced a period of double-digit real growth, and is still then fastest-growing country in Latin America, with projected growth of over 4% for 2017. The opening of the widened canal at the end 2016 was a great boot for the economy, and with a period of faster growth in the world economy, this must represent a new wave of growth for Panama. Apart from your work in Andbank you are also Director of the Panamanian Chamber of the Capital Market (CAPAMEC). What work is being done to promote the Panamanian Market? Panama is reinventing its platform of international services to meet OECD requirements in transparency and the fight against money laundering and financing of terrorism. As Director and Ex-President of CAPAMEC I have the opportunity to represent the securities market as a whole in the working sessions of the private sector alongside the government and the international consultants to do our bit and emerge stronger from this exercise with a first-world platform of international services and as a leader in our region
What are your main responsibilities in Andbank? I lead a group of bankers who have been working as a team for more than 10 years and we manage an important portfolio of clients in the region. I’m a member of various internal committees and I’m on the boards of Andbank (Panama), S.A., Quest Capital Advisors Agente de Valores, S.A., Andbank (Bahamas) Limited and APW International Advisors Ltd. You have had a good few years in Andbank, after a long career in the financial sector. How do you view the evolution of Andbank in Panama? I think it’s been positive and key for the international development of the Andbank Group. The big global players in private banking base their Latin American operations in Panama. Andbank is no exception and is very well positioned among the big boys in town.
How do you mage to fit in your work at the bank with what you do at CAPAMEC? You can’t have enough hours in the day! Really, when you are passionate about what you do, there’s time to spare. Both interests fit together and it works out for everyone’s good. In recent years, Panama has become stronger as one of the most important financial centres in Latin America and this must have increased competition among banks. What are the strengths of Andbank Panama that differentiate is from the rest? Andbank has the best talent and that’s why our motto is “Talent performs”. Andbank’s human capital is the main factor in its success. Also, our pure emphasis in private banking is a clear advantage over our competitors. Andbank has the perfect size to navigate a market as competitive as international private banking swiftly and successfully.
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What qualities do you value most in a banker? Honesty, transparencies and a vocation to serve.
What goal that you have reached makes you feel most proud? Of course my family, who inspire me day in day out to do my best and to be a good example for my daughters.
Fitch maintains Andbank’s long term rating at BBB with stable outlook This rating confirms the solvency and track record of Andbank, a highly diversified group that began its internationalization process in 2000 and currently manages around 22,000 million euros, reaffirming the group as a leader in Andorra. These data consolidate the positive trend that the bank started in 2008, with a cumulative average annual growth rate of 16.5%. This confirmation is also proof of the solid structure of the bank’s corporate governance and the strict internal process control implemented throughout the group.
“The good results of the bank in 2016 have been reinforced by a strong capital structure and a comfortable liquidity position, above 65% ” Fitch highlights the high solvency ratio (over 20%) and the efficient liquidity management, more than 60%, well above the required limit. This is a reflection of a business model focused on offering private banking and wealth management services, the ability to generate recurring income, as well as its adequate level of Bank capitalization. This maintenance of the rating consolidates the good performance experienced by the Andbank Group throughout 2016, which it closed with the satisfaction of having achieved the targets set. Andbank has again beat its record high to date in revenue generation, with an ordinary
margin of 256 million euros, which confirms the excellent capacity of the business model in generating income. In a complex international environment, this good result is due to the consolidation of its specialized model in private banking, geographical diversification and the trust that customers have placed in the bank. With interest rates at historical lows in the Euro Zone, and taking into account prudence criteria in balance sheet management, the Andbank Group closed 2016 with a net profit of 47 million euros, 19% higher than expected. The good results of the bank in 2016 have been reinforced by a strong capital structure and a comfortable liquidity position, above 65% (well above the 40% minimum required). In addition, solvency has increased to 25.5%, classified under the terms of Tier 1, according to Basel III, at 15.8%, and exceeding the capital requirements of equivalent European banks by more than 50%.
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Jorge Maortua new director of Andbank
Andbank has appointed Jorge Maortua as its new director. This appointment strengthens the bank’s commitment to the incorporation of professionals who have a wide professional background at an international level with a high degree of specialisation in the financial sector. Maortua joins the board of the group as a new director representing Reig Finances. Maortua has over 30 years experience in banking and capital markets. Since 2014 he has collaborated as an adviser with various international entities such as the InterAmerican Development Bank in Washington and Everis, and he is also an active investor in private equity and venture capital projects. He has a degree in Economics and Business Administration from the Escuela Pontificia de Comillas (ICADE) and has held a number of top-level posts in the sector. He was the general director of Global Banking and Markets at Banco Santander for more than 10 years. He was also general director of Wholesale Banking at Banesto. Before joining Banesto, Maortua spent 16 years with JP Morgan, working in Capitals Market and Treasury. He was the bank’s Managing Director of Global Markets, as well as Head of Markets in Mexico, where he lived, and Latin America from New York. Maortua’s joining confirms our commitment to continued growth with professionals who have extensive experience
in international markets at the highest level, which will help us to consolidate the process of internationalisation that we began in 2008.
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Covered bonds should help improve Andbank’s asset-liability matching, according to Paco Collell
Andbank, with a balance sheet of €5bn assets under management of €22bn, appointed JP Morgan to roadshow its non-legislative structured covered bond. With such a small balance sheet, the programme size is just €500m, and the prospective deal, expected to be €150m and rated BBB+ by Fitch, will likely fall short of the €250m hurdle needed ton qualify for the liquidity even if it is swamped by demand and increased in size. Not that this would matter. With no legislative framework, the structured covered bond is likely to appeal to real money to investors rather than the regulated bank investors that buy covered bonds for their liquidity portfolios. Regulated buyers, such as insurance companies and banks, are less likely to be involved given the prospective deal will not be complaint with the covered bond definition in the Capital Requirements Regulation or the Undertakings for Collective Investments in Transferable Securities. As such, the forthcoming bonds should be treated in much in the same way as the structured covered bonds issued by UBS and Credit Suisse. From the issuer’s perspective, the prospective deal will help match the longer duration of the residential mortgage assets which secure the bond. The retail residential mortgage portfolio represents 50.1% of Andbank’s total mortgage book.
Asset-liability matching. “From an asset-liability matching perspective, the longer duration of funding that covered bonds typically offer was an important consideration for Andbank,” said Collell, director of financial institutions group. The covered bond format should also be an easier sell, particularly given the under-developed State of the Andorran capital market. “Until now, no Andorran bank has tried to access the capital markets, so faced with this challenge, we thought the easiest and most investor-friendly way to approach the market was with a covered bond.” Collell said that in the last few years the government of Andorra has adapted European Union legislation but with no comparable covered bond framework to Spain or France, “we decided on a structured covered bond format, similar to the pre-legislative deals seen from the UK and Netherlands.” International presence. Although there is no covered bond law, there is a mortgage law where lenders have “recourse to mortgage borrowers in the event of foreclosure.” Andbank was established in the 1930s but only really took off a decade ago when it began a period of internationalisation. The bank, which is family owned, currently has a presence in 12 countries including Spain, Luxembourg and Latin America. Rated BBB by Fitch with a stable outlook, the issuer has a core equity tier one ratio of 13.5% and a leverage ratio of 7.15%. As of December 2016 the group’s liquidity coverage ratio stood at 289%, making it one of the most liquid banks in the world. Nonperforming loans stand at 3.5% which compares to 4.6% in 2009. The weighted average current loan to value of the cover pool is 63.1%, the weighted average seasoning is 9.4 years and the weighted average remaining term on the loans is 18.2 years.
(Article published in Global Capital)
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Andbank celebrates its annual meeting of Managing Directors and members of the Executive Committee in Barcelona
This meeting, which is organized annually since 2011, was divided into three working days. During the first day Ricard Tubau presented the objectives of international private banking for the second half of the year, as well as the main organizational changes. On the other hand, Carlos Aso, reviewed the evolution of Andbank Spain during the last 4 years. The second session was attended by Bob Janjuah, Co-Head of Global Macro Strategy of NOMURA who presented his vision on the macroeconomic situation and its impacts on the markets and the financial sector. Finally, the steps to be taken in the Group’s 2018-2012 strategy plan marked the agenda for the last day of the meeting.
During this annual meeting, attendees had the opportunity to visit the children’s hospital Sant Joan de Deu and learn about their new expansion project, in which Andbank intends to get involved. After the working sessions was held the traditional golf tournament of MDs and again Jean Claude de Roche, CEO of Andbank Panama was the winner.
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Andbank Knowledge
New name, new site, new digital platform and the first app of Andbank Brazil
Simplifying even the most elementary, so that we can strengthen an increasingly close relationship, is what led the Andbank Brasil to communicate, to its customers, the change of the name Andbank/Lla to Andbank. What could be just a change of identity or name reduction, has a greater significance with operational control 100% Andbank, an institution that aggregates an asset management experience of over 86 years. This change also symbolizes a number of initiatives aimed at strengthening the dialogue with customers, faced with excellence in investment solutions and services worthy of one of the most solid independent entities in the global financial market. “In practice, the Andbank Brazil customers continues to rely on the same attention of the Private Bank specialized team, allied with some structural advances, mainly in the area of technology,” says Leonardo Hojaij, Private Brank Superintendent of Andbank Brazil. Andbank Brazil launched its more intuitive and functional new site - www.andbank.com.br. With the support of the global marketing team led by Nuria Rocamora, the new digital address of the Andbank in Brazil
presents content and design built to facilitate the navigation of its users. At the same time, the Andbank Brazil bank statement’s new online platform was launched. Designed to be simple and objective, the new tool allows immediate viewing of positions, profitability, operations and evolution of investments. In addition to this drillthrough, the client can view the total balance of his wallet. A differential that he does not find in most local financial institutions, where there is the need to do this calculation manually. The first app of Andbank Brazil, newly launched, expands all information of the new bank statement online platform to phone and tablet. Available for iOS and Android operational systems, the application provides updated access wherever the client is. “With these advances and many others to come, we are convinced that, as it will be easier to recognise us, the customer realizes a gain in agility, efficiency and, primarily, in the results for their investments.” says Leonardo.
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Social events
Andbank and Macarfi offer a food and wine pairing in the Barcelona –Diagonal office The Diagonal office was the location for a food and drinks pairing with the cooperation of Andbank, Macarfi and Semon. The event was attended by 60 guests who followed the explanations that maître Pedro Robles of Semon, the prestigious Barcelona catering company, offered about the various cheeses and drinks that they were about to taste in this pairing with the innovation of trying different types of drink, not only wine but also beer, rosé champagne and white Ximénez sherry. The event was presented by Manel Cerqueda Díez, director of the Andbank Group, Ricardo
García Jáudenes, Executive Director of Andbank España, and Manuel Carerras, principal shareholder and promoter of Macarfi gastronomic guide. The event was structured in five spaces or tables, which were to be tried specifically and where everyone had a drink and cheese that were paired to perfection for the taste, combination and harmony of the characteristic elements of each product.
Irineu Esteve will debut in the World Cross-Country Skiing Cup next season The Andorran skier, sponsored by Andbank, will, move up to the World Cup next season in Ruka (Finland), although he will not take part in the complete championship. His results for this season certainly back him in making this leap, having come third in the European Cup circuit, much higher than the target. Moreover, in this season he has had some great results such as his victory at Valdidentro (Italy), a Top-30 in the absolute Worlds Championship and 4th and 8th positions in the under-23 World Cup. Esteve has made his mark this season in medium and long distance. For the next campaign he wants to work on other distances and become a more versatile skier. In fact, a month ago he started pre-season training for the 20172018 season.
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Andbank España and the Food Bank join forces to improve food distribution in Navarra Andbank España and the Food Bank of Navarra Foundation (BAN) have signed a collaboration agreement to set up an integrated project to improve the distribution of food donated in Navarra. In this way, Andbank will make a financial contribution to the project that will allow the BAN to buy a semiautomatic wrapping machine that can wrap 30 pallets a day to ease the work of the volunteers who currently have to wrap the palettes by hand. The Food Bank of Navarra, which last year dealt with 33,000 people in the community, collects food that has been donated for free, classifies it and stores it in its premises, and then distributes it to the people who use the system. This year, the Food Bank has launched a project to improve the classification and storage of food, and the way it is distributed, to solve organisational problems.
Andbank Andorra participates in the Ouzina Charity Rally Andbank collaborated with the 6th charity rally from Andorra to Ouzina (Morocco), held from 8 to 17 April. Our colleagues Joan Besolí and Daniel Domínguez, of Andbank Andorra, formed part of this charity caravan which distributed health material, school items and clothing in the schools of Tafilalet, Ouzina and Ait Ben Haddou. There was an important participation from Asca, (the association of Andbank employees) because their financial contribution made it possible for four disabled people from the Private Foundation Tutelar de Andorra and two of their carers to join in this charity event.
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Andbank España collaborates with the Foundation Cris contra el Cáncer
Andbank will donate the money collected at the dinner held to celebrate its fifth anniversary in Spain to the Foundation “Cris contra el cáncer”, to create a special advanced therapy unit to treat childhood cancer on the eighth floor of Madrid’s Hospital de la Paz. The Foundation needs 1.3 million euros to set up the first phase of this project, a unit consisting of eight isolation wards, a day hospital and areas for preparation of treatments, research and clinical trials. There will also be new jobs with the hiring of at least five specialists who will spend three years working on the project. The dinner saw the collaboration of companies including The Westing Palace, Natixis, El Corte Inglés, Allianz and Inversis Banco. The humorist Dani de la Cámara was the master of ceremonies for the event, which was brightened with live music. A charity raffle was held of material signed by leading sportspersons in
different disciplines like football, basketball and motorcycling, as well as gifts from collaborating companies such as wine, fashion items, etc. Andbank España, which has collaborated with the “Foundation Cris contra el cáncer” since last year, has already run other actions to raise funds. In order to promote its collaboration with this Foundation, Andbank España has made a video showing different employees of Andbank Madrid with their children.
http://www.andbank.es/observatoriodelinversor/ andbank-cris-cancer/
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Andbank Golf Tournament Last April started the 17th edition of the Andbak Golf Tournament in the Royal Club Golf located in la Cerdaña valley. This year the tournament will be based on six golf courses around Spain. In its last edition, the number of participants in the circuit exceeded 800. One of the latest news in this year tournament is the “Solidarity Hole”, where all the attendants can participate and the amount collected will go to the foundation “Cris Contra el Cáncer” to support the construction of a Therapeutics Unit Advances Against Childhood Cancer in Hospital La Paz of Madrid. A project that supports Andbank within Its Corporate Social Responsibility line and will be very present in different activities throughout this 2017. Anyone interested in participating with the “Solidarity Hole” but cant attend the golf court, can send an SMS to 38014, the donation will be 6€. You can keep updated about this project on Twitter through the hashtags #InvierteEnVida and #AndbankConCris..
29th was disputed the fourth event of the tournaments in the Herrería Club de Golf in Madrid. The circuit will end after the summer with two more events: the September 15th, tournament will be held at Real Golf San Sebastian and on the 29th will be in the Golf de la Galiana, in Valencia.
The second golf course of the Andbank golf circuit was held on May 26 at the Real Club Golf Prat and the stage of the third was the León Golf Club, on June 17. Also in June, on the
“Solidarity Summits” united by solidarity On 10 June, colleagues from Andbank Andorra and Spain organised a joint charity outing, “Solidarity Summits”. It was a great activity for collaborators, their families and friends. The aim was to take part in a mountain activity to raise funds for the Foundation “Montañeros por el Himalaya” and its project to extend the school in Kathmandu. To do so, they organised an excursion to the Puigmal starting from Núria and with an exceptional guide, our Vice Chairman Oriol Ribas. With the donations of the participants and from ASCA (Asociación Solidaria de Colaboradores de Andbank) over €1,300 was collected.
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Publication of the novel that won the 2016 Manuel Cerqueda i Escaler Prize In April, coinciding with St George’s Day, the day of the book, Andbank Andorra presented the short novel that won the 2016 Manuel Cerqueda i Escaler Prize. For over 25 years Andbank has given its support to Catalan literature through the Manuel Cerqueda i Escaler Prize. For nine years the short novel prize had no winner, with only runner-up awards being given. The winner of the 2016 Prize was Marcel Fité Argerich, who also won the 2002 Prize with his novel El carrer dels petons (The Street of Kisses). The novel Escacs de mort (Death Chess), which was distributed through Andbank Andorra offices, is a crime novel located in the Eixample district of Barcelona. The plot describes the adventures of the detective Miguel Trilla, a former Catalan police officer, who is brought back into temporary service to solve a disconcerting murder.
Andbank organises the meeting on financial agents, MiFID II and new trends in private banking In May Andbank España organised a working day in Madrid with the title Agente financiero: Modelo de éxito de banca privada e impacto de MiFID II (Financial agent: Model for success in private banking and impact of MiFID II).The financial sector is undergoing great transformation and the figure of the financial agent, an expert who guides investors through the best investment options is becoming especially important in this new environment; a renewed scenario that includes the closure of physical branches by the banks, rock-bottom interest rates which reduce the traditional options for income for the conservative saver, and the imminent implementation of the new regulations such as MiFID II.
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Andbank sponsors the Fero Gala in Barcelona
In May the Fero Foundation held its Charity Dinner in Barcelona, with the award of the twelfth Fero research grant for translational research in oncology for young researchers and oncologists. The Fero Foundation, which has the sponsorship of Andbank, saw over 900 people at its annual gala, held in the oval room of the Catalan National Art Museum. During the evening, unknown to the guests, there were two grants and two winners instead of the usual single awarded. Dr María Abad, researcher at the Plasticity Cell and Cancer Group of the VHIO (Vall d’Hebron Institute of Oncology) was awarded 70,000 euros from the Ramón Areces Foundation.
The jury of the Fero Award, chaired by Andrés Cervantes, decided to award the grant to María Abad because her research into pancreatic cancer “can help to understand the physiopathology of this kind of cancer and to obtain new biomarkers for diagnosis, prognosis and therapeutic response”. It was an extraordinary occasion, where Sol Daurella, Vice-President of the Fero Foundation, sponsored on her own behalf an award outside the competition that was given to Dr Clara Bueno of the Josep Carreras Institute for Leukemia Research, for an in-depth study of a new type of immunotherapy for the commonest childhood cancer.
Golf course for children Andbank collaborates in the second edition of the golf course for children. Over 50 schoolchildren aged between 6 and 12 took part in the 4 days of beginners’ golf classes that were held in Ordino, Andorra. For all the children it was their first contact with this sport. The course, which ran during four weekends, was offered exclusively and free of charge to the pupils of the schools of La Massana and Ordino.
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Success of the Partimonia forum “Reinventing the family legacy” taxation to how different generations get on together in a family business. The meeting, which was titled “Reinventing the family legacy” debated how to preserve the family legacy. The participants were Alfonso Chiner, senior lecturer of the Department of Strategic Management and scientific collaborator of the Family Business Faculty at IESE; Marcelino Blanco, director of Asset Planning at Andbank; Ángel Rey, Vice-President of ADEFAM and general director of the Eurobanan Group; and Eva Sánchez, Director of Communication at FISAN.
In May Vocento’s head office in Madrid hosted the third edition of the exclusive forum in integrated management of Family Assets, sponsored by Andbank.
Another important moment at the meeting was the presentation on taxation by Luis Bravo, a partner of Cuatrecasas and Alejandro Ramírez’ interview with Susana Gallardo, director, businesswoman, philanthropist and third generation of Laboratorios Almirall.
During this free event, the different speakers and conferers tackled all the topics that interest family companies, from
Some 200 professionals attend the international meeting on the circular economy In June, for the first time Andorra welcomed an international conference on the circular economy. Around 200 attendees participated in the talk by presenters from Spain, France and Andorra. The purpose of this meeting, sponsored by Andbank and organised for the Andorran Association of Waste Managers (AGREDA), was to become a forum for improving policies for recycling and reuse, and to provide solutions for its Andorran members in finding possibilities for reusing materials in the best possible way.
This is especially important for a country like Andorra, which depends on other countries to valorise its waste: 70% of the tonnes that are produce in the country have to be exported, the Environment Director Marc Rossell explained. “We are fairly dependent, because we can’t process all the waste that we generate here. Our neighbouring countries have better processing systems. Everything that we collect here that can be valorised outside the country is exported”. The attendees also had the chance to enjoy a talk by Emilio Duró.
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Third edition of the Young Journalist Award sponsored by Andbank This year’s call received 25 applications, and finally seven projects entered the competition from a total of eleven young people. For next year, the aim is to bring the awards forward to the start of the school year, a time when students have a lighter work load and when teachers could have the possibility of including it as assessed work. The awards were presented in the in the Andbank hall, ending with a speech from the Minister of Education Eric Jover, who praised the topic chosen for the third edition of the awards, as the use of social media is am matter of great concern. For that very reason, a pilot trial has been set up in an Andorran school to try to prevent cases of cyber-harassment through a mobile app. The jury of the 2017 Young Journalist Award comprised professionals from the different media in the country. All the projects that took part in the competition will be published on the website of ARA Andorra.
The winners, who received iPads, were María Gómez in the written reporting category with the project ‘Nuestra sociedad informacional’ (Our information society), and Marc Camardons, Marc Garcia and Xavier Ribert with the audiovisual report ‘Hipnosis colectiva’ (Collective hypnosis).
Andbank coperates with the Excelentia Foundation to promote classical music performance of the musical arts in all their varieties, adopting and combining the necessary initiatives for them to be cultivated in permanent freedom and perfection. The main goals of the Foundation are to spread music and to cultivate new musical values. Ainhoa Arteta, Antonio Moral, the San Sebastian Orfeón and the Liceu de Barcelona were among the winners of the third edition of the prizes that the Excelentia Foundation organises annually . The Excelentia Foundation is a private not-for-profit Foundation that is active in the field of culture. It was formed to promote the lyrical and musical heritage and to encourage the creation and
Carlos Aso, CEO of Andbank España, was present in the awards ceremony held in the National Auditorium in Madrid. In this way Andbank continues to support the spreading of classical music together with the Excelentia Foundation .
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Forthcoming events
Esade Conference Subject: Strategic marketing for the digital age Date: 13th of September 2017 This conference, organised by Esade, will bring together ex-students and companions in an educational session that is also open to Andbank employees. Pau Virgili is an academic collaborator of the Department of Marketing Management at ESADE, and will lead the first of a series of talks that Esade will organise in Andorra in collaboration with Andbank. Virgili is an expert in marketing and communication. He has been Marketing Manager in Hewlett Packard and in Plantronics.
Conference “Safe in the internet”
Subject: Educational changes in the use of new technologies Date: 28th of September 2017 When should I buy a smartphone for my child? Do I have to set rules for using it? How can I protect my child from the risks of the internet? How can I check if my child is suffering or causing cyberbullying? The talk will deal with the matters that most concern parents and guardians of children nowadays: socio-educational change in the use of new technologies, how teenagers use them, behaviour and attitudes of parents towards this new challenge that their children are facing, rules for use, values to take into account for ethical use, and the risks and how to avoid them.
Laurent Jalabert and Óscar Pereiro: guests of honour in La Purito 2017 Subject: Cycling race Date: 6th of August 2017 Andbank Andorra has officially presented the third edition of the La Purito Andorra cycling tour.During the presentation “Purito” Later there was a video presentation of the great surprise of the tour: the participation of one of the best cyclists of all time, France’s Laurent Jalabert, as well as the winner of the 2006 Tour de France, the Galician Óscar Pereiro. Other well-known sportspersons who have also announced their participation in the tour on 6 August are José Antonio Hermida, Joseba Beloki, Josep Jufré, Roberto Merhi, Carlos Checa and Toni Bou. La Purito started out three years ago as one of the toughest tours in Europe and has become a standard for cycle tours for the beauty of the scenery and the demands it make of participants. Its long course is like the queen stage of the 2015 Vuelta a España that Joaquim Rodríguez designed. It is a tour open to traffic with two timed sections where the participants will be able to know the time they invest in making the ascent to the Coll de la Gallina and to Cortals d’Encamp.
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Interesting People
Interview with Jean Nouvel
A self-confessed hedonist, Jean Nouvel (France, 1945) likes good food, good red wine and talking with his friends. If there were a Nobel Prize for architecture he would surely have it, but he claims never to think of his fame. He defines himself as a rebel who has yielded to nothing in all these years. His work has been honoured with the world’s most important architectural awards. One of his most recent works is La Querola, a luxury residential complex close to the ski slopes of Ordino that is fully integrated into the natural environment of the mountain system that characterises the Principality of Andorra. How would you define your architectural thinking? I believe that every place deserves specific consideration all for itself. For me, every project is the start of an adventure and, obviously, when I set out I don’t know where I’m going. I don’t start with a preconceived idea. I always start with the hope that the time and the place and the people that I will meet will provide something that is totally unique, and this uniqueness is a full-scale attack on cloning. In this regard, there is something that has made the situation worse: the development of computer technology, because now all the parameters are available. That means that a building can be designed in a few hours starting from preset elements: it doesn’t matter whether they are homes, offices or shopping malls. You choose from what’s there, modify a parameter or two, and it’s all done. Unfortunately, we live in a time when the grey cells are sadly lacking. There’s not enough thinking, nor
enough intention, nor enough love in every project, so that the projects just turn up automatically, soullessly. What moves Jean Nouvel? What is his passion? Life. I’m a lover of life, a hedonist. I believe that pleasure should be given and received, whenever possible. For me, the driving force of every movement is architecture, which forms part of life, of every moment, of every month, of every year, it is a witness of life that passes and disappears. It is vital energy. You don’t repeat yourself in your work, and your buildings differ greatly from each other. What is your style, in your opinion? It is the permanence of an attitude, obviously an intellectual attitude, of a line of thought. It absolutely does not mean repeating what happened in the 20th century, when there was a reduction of formal language that was repeated everywhere. That isn’t a style; it’s a sort of caricature. I always look for the special things, what is special about every city, every place, and in that way I find the path of how to build. I investigate the culture, the historical heritage, always on the lookout for what is unique. I’m always thinking about a particular place at a particular time, and what can come out of it. Where does your love of playing with lights and reflections come from? I want the buildings that I design to trap the light and their surroundings. It’s an exercise in the awareness of existing at a
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particular moment. Why do you prefer working at night? That’s a personal story. If you’re passionate about something, if you’re seeking a form, an idea, you can’t put it away at six o’clock in the afternoon. When you are possessed by that passion, it ends much later than you expect (laughter). For that reason I like to take a break and go out with my friends and family to eat and talk. These chats and exchanges lead to ideas too.
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incredible aspects. Although she will never be completely normal, she learned to walk and talk and she takes really interesting photographs despite her disability. One of my sons, who’s a mathematician and expert in computers, has spent a fair amount of time in Japan, and the other is involved in video, theatre and set design. I haven’t given them a lot, but I have given them the framework to develop in.
So you mix pleasure and work and your table talk becomes an extension of your studio. I’ve always been very passionate and I can’t fit in with the rhythm of set timetables, it’s very difficult. I need to have time for myself apart from my work, for a separate life. My only conviction is that work must be a part of what we love, even of very simple things, and of what we call loisirs (moments of leisure). The goal is that there should be no borders between free time and work. How do you feel when you’ve been working for a long time on a project and then it doesn’t get built? That is common in architects’ work. It’s frustrating, but you have to keep on designing and designing. It’s frustrating, but it passes away with time (laughter). What do you always need to have close to hand? My family, my friends and all the things that make me happy or make me feel good. I’ve already told you that I’m a hedonist. Your parents were teachers. What was that like? Were they very strict? I had a very formal upbringing. I wanted to be a painter but they were absolutely against that and wouldn’t pay for my studies. When I was 21, I hardly had any money and it seemed that architecture would be a more practical way of earning my living than painting. For them, architecture was an adventure too. They’d have preferred me to be a teacher or an engineer.
“Passion. And obstinacy. Both are necessary.” Do you regret not having gone in for painting? No, in architecture I often work with artists. And the sensations that I get from shapes and colours are very close to art. What are the fundamental values that you pass on to your children? I’ve got two sons and a daughter with a disability [she suffered brain damage at birth], with whom we’ve discovered
What is essential to be an architect? Passion (guffaws). And obstinacy. Both are necessary. That goes for everything in life… But in architecture they’re particularly indispensable. What do you think of cities that look like museums of architecture? It’s a real problem. It’s to do with parachute buildings that just drop down somewhere with no rhyme nor reason. I’ve got nothing against lots of incredible buildings being built in a particular place like New York or Venice, but now we’re finding that the world’s big cities have the same firms doing the same things. This is the result of globalisation. The offices that plan the cities want clones and they go to the same artist-architects who put up the same models again and again. That, in fact, is a cultural aspect that needs thinking about. And what’s more, it’s very boring. Yes, like museums of modern art. Everywhere in the world they always show the same artists. It is the uniformity that globalisation leads to. It’s a shame. And what can be done to remedy it? We can try not to always have the same attitudes in different places. It’s to do with the identity of the city.
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New Employees
Jacobo Baltar
Jorge Maortua
Position: Director of the General Secretariat Jurisdiction: Andorra
Position: Director representing Reig Finances Jurisdiction: Andorra
Jacobo Baltar joins Andbank as Director of the General Secretariat, responsible for Subsidiaries Governance and Regulatory Risk, reporting directly to Mr Antonio Castro. He has a first degree and a Doctorate in Law, a Master’s degree in Private Law and an MBA. Baltar’s career goes back more than 14 years in the legal area of a number of law firms and banks. His banking career started in Barclays Bank where for four years he was Head of Legal of Barclays Corporate Banking, Investment Banking and Wealth. In 2015 he joined CaixaBank as Head of Legal UK Branch and Coordinator of International Projects, and he recently occupied the post of Head of Legal Corporate International in the same bank.
Maortua has over 30 years experience in banking and capital markets. Since 2014 he has collaborated as an adviser with various international entities such as the Inter-American Development Bank in Washington and Everis, and he is also an active investor in private equity and venture capital projects. He has a degree in Economics and Business Administration from the Escuela Pontificia de Comillas (ICADE) and has held a number of top-level posts in the sector. He was the general director of Global Banking and Markets at Banco Santander for more than 10 years. He was also general director of Wholesale Banking at Banesto.
Roger Requena
Jordi Padrós
Position: Head of Analysis and Credit Risk Development Jurisdiction: Andorra
Position: Retail Banking Manager Jurisdiction: Andorra
Requena joins as Head of Analysis and Credit Risk Development reporting directly to Carme Clua.He has degrees in Business Studies and Business Administration, a Master’s degree in Financial Management and Accountancy and an Executive MBA. His professional career spans more than nine years in Banc de Sabadell, where he started in the commercial area and went on to work as a risk analyst for three years, as Corporate Development Analyst, and in his last year as internal auditor of credit risk.
Padrós holds a degree in Economics and Business Administration from Barcelona University, and has completed postgraduate courses in PDD and MBA at IESE. He has 18 years of experience in the financial sector, mainly in Commercial and Marketing areas in Grup Caixa Enginyers and Deustche Bank SAE. Jordi Padrós joins Andbank as responsible of the Retail Banking area, reporting directly to Juan Luis García.
Julián Montesinos
Laura Tenas
Position: Private Banker Jurisdiction: Spain
Position: Private Banker Jurisdiction: Spain
Montesinos is a graduate in Business Management from the CEU Cardenal Herrera University, specialising in Financial Derivatives, where he received the Rotary International award for the best academic record. Montesinos comes from Banco Santander, where he first worked in the commercial network before moving to Santander Private Banking. He is joining Andbank’s Alicante office as a Private Banker.
She joined Andbank as a private banker in the Alicante office. With almost 20 years of experience in the sector, Laura Tenas has worked in financial consultancy for several different banks. Previously, she worked in KBL European Private Bankers and Bankia, where she was a senior private banker. She has a degree in Business Administration from the University of Murcia and has done a number of courses in taxation, prevention of money laundering and the stock market.
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Andbank Territories
Andorra
Andorra, officially called the Principality of Andorra, is a small sovereign country in south-western Europe. It is an independent, democratic, social state whose form of government is a parliamentary co-principality. Its territory is organised in seven parishes with a total population of over 78,000 around its 468 km² of area. The country is in the Pyrenees, between Spain and France, with an average altitude of 1,996 m. Its political system is a parliamentary democracy, its heads of state being the co-princes of Andorra: the Bishop of Urgell and the President of France. Its head of government is the prime minister. The official language is Catalan alongside Spanish and, to a lesser degree, French and Portuguese. It has no army but does have a police force, which was created in 1931. In the event of emergencies or natural disasters such as the floods in 1982, the custom used to be to call out the “somatén” militia, consisting of the heads of families with Andorran nationality, although the practice became outdated and the country’s police now handle all emergencies. In the event of a serious catastrophe, help would be sought from Spain or France under the trilateral treaty of neighbourhood, friendship and co-operation. Andorra is one of the few places in the world that is ideal to visit in all seasons, winter or summer, as is clear from the more than eight million tourists that the country receives every year.
In summer you can enjoy excursions through the impressive mountains, lakes and forests, or visit the cultural routes in the principal towns. In winter Andorra is a beautiful place to enjoy skiing. In winter the alpine ski stations of Grandvalira and Vallnord offer endless kilometres for skiing and a variety of activities including sleigh rides, snowmobiles, building igloos and night-time excursions in snowshoes. In summer the snow gives way to new activities and the resorts reinvent themselves offering all kinds of outdoor
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activities including MTB circuits, golf, go-karts, zip-line, lakes with sailing, X-Country routes, archery, flying circuits and pony- trekking... Other places of interest in the country are Caldea, a spa with thermal waters; the Sanctuary of Meritxell where the Virgin of Meritxell, the patron saint of Andorra, is worshipped; the Tristaina and Engolasters lakes, which are perfectly accessible and are ideal for family outings; and Naturlandia, a theme park with the longest toboggan in Europe, which in winter is home to the Rabassa cross-country skiing pistes. In the cultural sphere, Andorra is the country with the greatest density of museums per person. The exhibition centres are dedicated to culture, motor vehicles, industry, the
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rural world, painting, miniature art work... And if it’s shopping that you love, in just a few kilometres you will find over a thousand shops and malls offering products of the most famous international brands from all corners of the world.
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Where to eat
MOLI DELS FANALS RESTAURANT
Gastronomic Restaurant Origin
www.molidelsfanals.com
https://www.hotelhermitage.sporthotels.ad/gastronomiaandorra/los-restaurantes/origen.html
This restaurant is located in a privileged area, with fantastic views over the Sipony Valley, and with the authenticity still preserved by the mountain villages. In this old stone house of the late nineteenth century, we find typical mountain cuisine, with homemade dishes as a result of the combination between the Catalan Pyrenees and French cuisine.
The proposal of this restaurant, located in the Hotel Hermitage of Soldeu, is to taste the same menu as the one in the restaurant Can Jubany de Vic (1 Michelin star). Among the outstanding dishes of the Origen restaurant we find the “Coca de foie with caramelized apple” and the “Dry rice with sea cucumber”.
Borda Vella
CELLER D’EN TONI
www.bordavella.com
www.cellerdentoni.com
A referent in the mountain cuisine restaurants located on a typical Andorran stone house in Encamp. Here you can taste a great foie, good Andorran meat or enjoy a exceptional wine list. A kitchen made with affection and a service that shows dedication and exquisite customer service.
Since 1964 the Celler d’En Toni, located in Andorra la Vella, offers its customers a traditional market cuisine with a careful selection of products faithful to a way of doing that started more than 40 years ago Toni Sasplugas.
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People Platform
¥New photo contest! In our intranet we love competitions and lotteries, and we love giving away prizes! Our latest competition was on Mother’s Day, and we received lots of photos of mums with their daughters. Snaps brimming with tenderness, originality and fun.
Now is the time to start a new challenge: a photography competition. In the first edition we received photos from all corners of the world, and this year we want to repeat the experience. We want to find out more about magic places. Sound like fun? Send us a photo in jpg format and take part in the 2017 Andbank photo competition. You choose the theme; you just have to illustrate your free time. (You can include any photo taken between September 2016 and September 2017). Send your snapshots to people@andbank.com. The deadline for receiving your mail is 15 September 2017. The winning photographer will receive a camera and the 12 best photos will form part of the 2018 Andbank calendar.
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August 2017. N.ยบ 10