World January 2017. N.º 8
Andbank’s Internal Newsletter
Editorial Ricard Tubau
Technology will be a key point in 2017 Evolution of the group
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Social Events
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Interesting People
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New employees
31
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
02 4
Evolution of the group
03 6
04
05 01 21
NEWTON Project
New faces in the Group
Social Events
06 02 23
08 01 31
Andbank Territories Panamá
Interesting People
29
Interview Gay de Liébana
Conferences | Events | Collaborations Others
07 03
New employees
7
Interview Daniel AYMERICH | News | Interview Manel MARTÍNEZ
CEO Andbank
Andbank knowledge
Andbank News
09 02 32
People Platform
35
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Editorial
Dear Colleagues, We ended the year 2016 with the satisfaction of having achieved our goals and exceeded by far the expectations assigned at the beginning of the year. A year that we knew it was going to be difficult, with a crisis that is still present. After having learned a huge amount of things, we are facing a 2017 that promises to be fun and we will need to give the best of us in order to face it. We are starting a phase that years ago would have been impossible to imagine. We close a chapter of the Andorran banking history to start the next one, in order to adapt to the needs of the environment, to make us more competitive, and to strengthen our international expansion. Speaking at a technological level, during the last October, new computer systems were implemented at Andbank Brazil. For this new year, we will continue to move forward with a very important global renovation project, known as the Newton project, which will start in 2017 according to the plan drawn up in 2016. This means that this year the technical tasks of systems integration will be carried out and the necessary customizations will be developed for each area. Newton will mean a deep transformation in our working system, a transformation that aims to be a reality in 2019. During the second half of 2016 good news have kept coming to Andbank, which gives evidence of a job well done. At the end of November 2016, the profit after tax amounted to 40.8 M €, surpassing the barrier of the 40 M € budgeted for the entire year of the group. And we continue to be one of the benchmarks of private banking in the world in terms of solvency and liquidity. One thing that shows that we are following the right path is the award won by Andbank Andorra as the best private bank of the country according to the “Banker”. In Andorra we have been pioneers in bringing to the market the contactless card to facilitate payment in stores. In at Andbank we keep in mind our commitment to society and our daily work is closely linked to solidarity actions. Next February Andbank will participate in the Uniraid, sponsoring a team that will start from Tangier. We have also been present in the premiere of the documentary prepared by the team of Salvados “Astral” that shows the situation of the refugees who risk their life when trying to cross the Mediterranean sea. From Andbank Madrid we have collaborated with the “Cris”
against the Cancer Foundation and during 2017 we will continue contributing in different solidarity projects. And from these lines I want to encourage you to keep on doing all these activities that you carry out outside your office that apart from having a good time is a test that shows the good relationship that exists between peers. A good atmosphere is breathed and transmitted and it becomes an added value that shares the Andbank Family. A proof of this are the football matches organized in Madrid or the Afterwork meetings of Andorra. Thanks to the your work and effort, we will achieve our goals for 2017. I hope you enjoy the reading.
Ricard Tubau CEO Andbank
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Evolution of the group
Results for november 2016 The Group has ended the month of November 2016 with 22,067 million euros of assets under management which represents an increase of 1.8% in comparison to the first semester of the year. The group is consolidated as the largest bank in the Andorran market, with a share of customer funds exceeding 50%. Profit after tax amounts to 40.8 M €, surpassing the 40 M € threshold for the entire year of the group. The figure is particularly important, given the difficult context of CRS, fiscal amnesties, growing regulation and negative rates in Europe.
(Million €) AuMs
Andbank remains one of the benchmarks of the world’s private banks in solvency and liquidity levels. It is important to highlight the improvement in solvency, from 17.56% in November 2015 to 24.01% in November 2016 under Andorran regulations. Its European equivalent is a Tier 1 of 14.49%.
November 2016
November 2015
22,067
23,239
Lending
1,638
1,918
Volume
23,705
25,157
Solvency ratio
24.01%
17.56%
Liquidity ratio
65.80%
73.38%
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Andbank News
Interview with Daniel AYMERICH
Winner of “Investment Europe Personality of the year Awards.”
What are your responsibilities in Andbank? Coordinate the selection of third-party funds at group level, fund management and portfolio management. You have been the winner of Investment Europe Personality of the year Awards in Iberia 2015/16, what has been the path followed to get here? Very easy and not painful at all hahaha…The Investment Europe magazine has been granting these awards to the best fund managers in Europe for several years. For the 2015/2016 edition, it has been the first time they have also started to grant the category “personality of the year”, which is voted by the readers of the magazine who are people of the industry. What do you rely on to make a selection of funds, what technique or procedure do you follow? Because the feeling of finding the best should be like looking for a needle in a haystack. Yes, it’s complicated; there are many details that make an investment fund into a good one. I guess after many years of analyzing products, you know what are the best funds in each category, although new funds are constantly appearing on the market. The truth is that we don’t invent anything new; we base our decision in two factors: The quantitative part: This basically consists in looking at the numbers, the net asset value and the returns. Regarding this
specific part, people working in the same field as me, we all see the same. The qualitative part: This is what differentiates one consultant from another. One will give more importance to the historical and another one to the fund that is more defensive.... Undoubtedly this point is what it differentiates the selectors of funds. What does a fund need to have for you to incorporate it in a portfolio? Does intuition plays any role? It should not, but I believe that in the qualitative part of the analysis we let ourselves be influenced, almost unintentionally, by intuition. If we know the consultant of the fund that we are analyzing, if it is a good or bad communicator ... for sure that it influences our decision. In fact the best communicators are the Americans, because when they finish university they are very prepared to communicate in a concise and precise manner, they know how to do a perfect speech. The less clear are French consultants, not having the English language as their mother tongue is clearly a handicap. But this part would be more anecdotal, because there are a number of minimum requirements that you might follow when selecting a fund. What would be one of these requirements? For example, that they have to be consistent with their strategy, both in bullish and bearish periods, or that have an investment process that is solid, clear and can be applied in a successful way.
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This means being 24 hours a day connected so you do not miss anything. Yes, that’s true, no matter what time is it that there is always somewhere in the planet with open markets. But the world of investment funds does not work in real time, we go with 1 or 2 days of time difference. So even when I’m on vacations following the Bloomberg and being up to date, I can also find moments of total “Disconnection”. After living in New York and Madrid, now that you have already been living in Andorra for a couple of years, do you miss the ACTIVITY of the big cities or have you adapted well to this small country? I have adapted very well. I always say that cities are shrinking hahaha ... In Andorra; younger people may feel that this place is too small, but I am super happy and adapted. It is a perfect country for families, and I just had a girl who is already six months old. At this point, it has been good for me to live in a peaceful country ...
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What experience has brought you the most? I have gone through very different roles throughout my professional career and all of them have contributed something to me. But with no doubt, I’ve been surprised by everything we can learn by analyzing funds. This job gives you the opportunity to work with the best fund consultants of the world and it is like being in a master class every time I talk to them, I certainly learn a lot from everything that they explain to me. Working in fund management brings you so many knowledge that you can not even find in the best business schools. Surely, being a fund-raiser would not have been my first choice and now I do not change it for anything in the world. Are you consultant by chance or by vocation? In my case it is absolutely by vocation. My head does not stop; I am always active, always thinking about management options. Almost unintentionally, I’m thinking of new strategies, new funds .... My head gets automatically triggered.
Andbank opens a new office in Sotogrande (Cadiz) In August, Andbank opened a new office in Sotogrande (Cádiz, España) from which it offers the best investment solutions for high net worth clients in the south of Spain where the client acquisition goal of this new office, which is the first one situated in the south area, stands at 50 million euros over the next 3 years. Fernando Ros, with more than 15 years of experience in asset management and private banking, is the director of this new office. Ros comes from Bankinter, where he held the position of private banking director for the “Costa del Sol” area. Previously he spent almost 10 years at Barclays Wealth and Investment Management as a private banking director for the Costa del Sol- Marbella- Sotogrande area and previously he worked in the Asset Management division of Banco Santander (now Santander Asset Management).
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“Global Economic Forecast” by Michael Blank Over 100 business leaders attended the conference held in Miami by Michael Blank last september 15th. The Miami newespaper “Adventura News” released an interesting article about this conference wich was titled “Global Economic Forecast” “From immigration and globalization to money matters and banking on future clients, a “Global Economic Forecast” presented by Michael Blank of Andbank enlightened business and community leaders gathered for an Aventura Marketing Council/World-Class Chamber of Commerce Chairman’s Roundtable luncheon hosted by Aurora at Sunny Isles Beach. From the “New Dawn” on Sunny Isles Beach ushered in by Aurora and other internationally acclaimed developments, the topic turned to Michael Blank’s perspectives and global economic forecast that will impact South Florida businesses and communities. Blank, who serves as managing director of Andbank Advisory, has over 40 years of experience as an international lawyer and private banker. He founded Swiss Asset Advisors as well as Bank Julius Baer in Palm Beach and Credit Suisse Private Advisors in Miami. “The economy we have created for today is really a result of global issues affecting all of us in South Florida,” Blank said, going on to share good news. “We’re in the financial center for the Americas – the best place that we can be for business, trade, finance, investment and culture.” He explained for regions in Latin America and Europe suffering from economic, social and political volatility, South Florida is “a safe heaven for clients, their families and assets.”
“We’re in the financial center for the Americas, the best place that we can be for business, trade, finance, investment and culture.”
Globalization facilitating ease of travel and advancing technologies complemented by the business model found in South Florida are attracting entrepreneurs and new residents from all of the Americas, Canada, Europe and now more Asians will be visiting and investing in the near future, according to Blank.
“Asians don’t invest dollars, they invest hundreds of millions of dollars” As a result of “political regimes stealing assets” in countries such as Venezuela, Blank said South Florida will feel the impact of diminished currency flows; however, he emphasized Mexico has “a tremendous amount of liquidity” and forecast South Florida will be the next major hub for Asian investing. “Asians don’t invest dollars, they invest hundreds of millions of dollars,” he said. “Where do we go from here?” Blank said to help ensure a bright, safe future, “We have to do some investing in ourselves.” He advocated proactive measures such as improving foreign policies and continuing to promote travel, exemplified by the advent of new Turkish and Austrian airlines. “Making changes has to start from us moving up and moving forward,” he said, “But we’re still the best house on the very best street.”
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Guillem Calveras winner of the Andbank Photography competition with his work: “No Bed” The first “Andbank Photography Contest” has been a success in terms of participation; more than 40 pictures were presented and they involved a difficult deliberation for the jury. Finally the winning pictures have been:
2- “My unaccountable passion” by Martin Zorio. Winner of 2 tickets to Inuu
1- “No Bed” by Guillem Calveras. Winner of a photographic pack
3- “Reflection” by Albert Esteban. Winner of 2 tickets to Caldea.
Outing Private Banking Andorra 25 managers and directors of Andbank’s headquarters attended to the outing of private banking last September. The event was held at the Double Tree by Hilton Empordà Hotel and it offered the attendees the opportunity to work on the strategic plan indicated by the entity, to deepen the points to reinforce and specify the line to follow during the following months. Attendees appreciated the fact that they could concentrate for two days on the development of the strategic plan and exchange impressions, doubts, and strategies to strengthen the development of the Private Banking area.
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Andbank, second largest European bank in terms of solvency
The Andbank Group is the second largest European bank in terms of solvency in 2015 according to the Top 1000 Worlds Banks ranking, which is published annually by the Financial Times and the prestigious British magazine The Banker. Andbank increased its Tier 1 solvency ratio by 62.51% to reach 13.75%, while its liquidity ratio stood at 76.6%, well above the minimum required (40% )by current regulations. In Spain, the bank has one of the highest solvency (45%) and liquidity (1,637%) ratios in the sector. These figures are relevant considering that the 25 leading European financial institutions have seen their capital ratios decline for the second consecutive year. Despite the current market environment and the negative interest rate in the euro area, the Andbank group closed the year 2015 with a net profit of 54 million euros, 20% above expectations.
The presence of Andbank among the top positions of this ranking shows the good performance of the entity over the past year and it is an incentive to continue the constant search for long-term value creation, avoiding short-range scenarios , and the maintenance of a robust capital structure based on own resources.
In Spain, the bank has one of the highest solvency (45%) and liquidity (1,637%) ratios in the sector.
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Andbank Golf Tournament Andbank has successfully finished the 2016 edition of the Golf Tournament, an activity that allows us to get closer to our customers, in days marked by a relaxed atmosphere, to strengthen and improve our mutual relationship. The sixteenth edition of the Andbank Golf Tournament has had about 800 participants, distributed in the 8 competitions that the tournament has. The kick-off was in March, in a new field within the Tournament, Terramar Sitges Golf Club, one of the best private clubs in Spain, which was inaugurated in 1927. The closure took place at the Golf Club La Peñaza in Zaragoza on October 4th .
Andbank España promotes equality among its offices In addition, the Equality Plan intends to prevent and penalize all discriminatory conduct - direct or indirect - on the basis of gender and ensure the presence of a balanced composition of women and men in all fields and professional levels of the Andbank Group.
Andbank España has signed the first Equality Plan with CCOO, whose main objective is to promote equality of opportunity among bank employees and introduce conciliation measures in terms of family and personal life with the professional one. This agreement, which seeks to strengthen the relations between the bank and its members, will set the basis for all employees to develop a professional activity with greater personal satisfaction, as a key element to achieve the entity’s objectives.
The areas of action that affect this plan have a direct impact on remuneration policies, professional development, selection or conciliation, among others, applying the principle of equity and integrating a gender perspective in all areas of the company. In addition, it guarantees the presence or balanced composition of women and men in all areas and professional levels of the entity. Pablo García-Montañés, Andbank‘s general secretary, says that “this agreement will allow us to develop the new plan of the entity to exploit all the talent of our employees and enhance their internal promotion. In addition, we take a fundamental step in terms of reconciling the family and work life of the bank employees.
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Andbank Andorra Launches the Country’s First Contactless Card Andbank has been the first financial institution in Andorra to issue cards with the payment system Contactless. This new system allows users to save time in their transactions as it is much easier and faster than the traditional system. Simply by approaching the card to the payment terminal the transaction will be automatically done. The PIN code is necessary when payments exceed 20 euros. To operate with this technology, the payment terminal should be identified with an icon that identifies this
Allows users to save time in their transactions. service. If you do not have this system, the new cards offer the possibility of continuing to pay through the electromagnetic chip. The contactless service aims to become the new standard form of payment.
Christmas at Andbank Santa Claus has come to visit us at Andbank Andorra this Christmas and has given gifts to the youngest members of the family. One more year, the party has been a success, the little ones had fun with the activities, the goodies and the gifts. The Park Hotel was filled with magic to celebrate an afternoon full of surprises and smiles. In total, about 140 children were exited to see Santa Claus.
At Andbank Luxembourg they also celebrated Christmas with the little ones, organizing a snack with St. Nicholas, who brought gifts for all the attendants, about 40 children.
Still with the Chritsmas spirit all around we met the winners of the drawing contest “Christmas in Andbank”. The small artists, Alfred Plaus, Paula Gil, Ona Puig, Nacho Gianasso and Oleksandra Suprunenko met with Oriol Ribas to receive their gifts. Congratulations to the Winners!
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Andbank Brasil released in October a new computer platform. In October, Andbank achieved a very important milestone: the new computer systems of the bank were implemented in Brazil. This new computer platform allows a greater degree of automation of the bank’s operating processes, reducing operational risk and with the capacity to support a growth in the volume of operations. With regard to the most visible part of the customers, it has a multichannel front that offers native applications for iPhone, iPad and Android, as well as a web access developed under HTML5 which can to be used from any device.
The project included, among others, more than 12,000 test executions divided into three cycles and two drills of implementation were done during two weekends in September. This training has allowed the implementation to be developed as planned and from the first day the new systems have worked without any inconvenient. The entire project has been carried out strictly according to schedule, which has allowed us to implement the systems in just one year, we are a reference in terms of implementation and quality level in the banking sector.
The new computer platform allows a greater degree of automation of the bank’s operating processes, reducing operational risk. The project, which is key to the business growth, has involved an effort of more than 130,000 hours in which the technological infrastructure, the banking core, the investment platform, the fronts, etc. have been replaced. In other words, the systems of the bank have been completely changed. Note that this is a transformation process, not just a technological one. Since it provides us with additional functionalities that allow new models of relationship with clients, more than 200 procedures have been written, the main key factors have been identified (more than 130), and there have been more than 30 workshops with users to ensure the understanding of new processes and systems. It is, therefore, a complete transformation of the bank.
This is a sample of the high level of professionalism and commitment of the teams involved (both from Brazil and Andorra). We want to congratulate the teams involved in this project for their high level of commitment and dedication as well as the entire Brazilian workforce who have now new computer systems which are the necessary base to allow the growth of our entity in Brazil: CONGRATULATIONS!
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Football match between Madrid mates of Andbank Spain equipment, was soon surpassed by the Castellana Control area team, with white equipment. Moreover the bankers team of Serrano wanted to play against the Control team of Castellana in a encounter that was disputed in November. Once again, the team of the Control area of Castellana won by 9-2.
During October, a football match was played in Madrid between bankers and members of the back office of the Castellana office. The match was played in a 7 soccer field, and the result was 4-2. The winning team was the one formed by the members of the back office. The business area team of the Castellana office, with red
Andorra Afterwork Andorra reaches its tenth edition of the Afterwork. Every last Thursday of the month, some employees of Andbank Andorra meet to enjoy a relaxed time, outside the working environment. Usually about 30 or 40 employees manage to book some time in their personal agendas to share a drink with the colleagues, and often the night ends up with a dinner. The goal is to facilitate communication between colleagues, in a more relaxed environment and release the accumulated tensions.
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Andbank Spain opens a private banking center for its financial agents in Bilbao the last twelve years. Aldasoro has a degree in Economics and holds the Certificate in Wealth Management from CISI (Chartered Institute for Securities & Investments).
“The opening of this private banking center demonstrates our commitment and trust to the growth potential of the bank in Euskadi.” Andbank Spain has inaugurated this semester a private banking center for financial agents in Bilbao, which adds to the office that the entity already had in the Basque city. The center will be led by Mercedes Montoya, who is part of the team of financial agents of the entity. The team is completed with Óscar Antiza and Daniel Aldasoro. Montoya has more than 20 years of experience in the sector and has developed her career since 2005 as a financial agent at Inversis Bank. She previously worked for SAFEI AV and BNP Paribas. Antiza was working as an agent in SAFEI AV and since 2005 at Inversis. He has a degree of Patrimonial Management of the FEF and the EFA certification of EFPA Spain. Meanwhile, Aldasoro has also developed his career as a financial agent at Inversis during
According to Jaime Garciapons, who is territorial director of Andbank of Vizcaya and Navarra, “the opening of this private banking center demonstrates our commitment and trust to the growth potential of the bank in Euskadi, and completes the process of consolidating a different model of private banking that brings added value to our clients, through independent advice and integral asset management. “ Andbank is one of the most important independent private banking entities in the Basque Country, with three offices (Bilbao, San Sebastián and Vitoria), 18 employees, 6 financial agents and 3 EAFI. Currently, the bank has more than 2,500 customers in the Basque Country and manages about 600 million euros.
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Andbank has been chosen as the best private bank in Andorra by ‘The Banker’ This good result is due to the consolidation of its private banking model, which allowed the closure of 2015 to reach a new maximum of 22,760 million euros and the positive evolution of the business both in Andorra and in international jurisdictions.
Andbank has been chosen as the best private bank in Andorra by the prestigious British magazine “The Banker”, edited by The Financial Times Group. The publication has recognized with this award the more than 85 years of experience of Andbank in private banking, its proven experience in wealth management, as well as the international growth and diversification of the group. This award is awarded annually to the best private banks in each country, and Andbank is the winner for the third consecutive year. The distinction confirms the company’s strong track record, with one of the sector’s highest liquidity and solvency ratios (70.46% and 24.78%, respectively, at the end of the third quarter of 2016). Despite the current environment, negative interest rates, investment in international growth and the criteria of prudence in managing the balance sheet, the Andbank Group ended the year 2015 with a net profit of 54 million euros, 20% above the budget.
This increase has been one of the key factors to receive this award. The group has consolidated more than 22,000 million euros of assets under management during the third quarter of 2016, fact that ratifies the group as leader in the banking industry. The awards show that the good performance of the Group is even more valuable when taking into account the economic and financial environment experienced, the continued investment in its international growth strategy and the reinforcement of the control structures that the Bank has carried out at the central level and in each of the countries where the group is present.
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Andbank manages more than 500 million euros in Valencia Four years ago, Andbank chose Valencia and Alicante as its next destinations in its implementation in Spain. At the head of the project was Javier Gomez, before coming to Andbank he was private banking director at La Caixa in Valencia, in Andbank he has managed to exceed 500 million euros under management and with more than a milliard customers. “It is a team work, we have extensive experience in asset management and the best training in the field of financial advice,” says Gómez. At the moment he leads a team of 14 professionals in the offices of Valencia and Alicante, in addition to 8 financial agents. “At Andbank we have a unique model of integral asset management, based on independence and transparency. In addition, we propose solutions adapted to each investor profile, always oriented towards the preservation of capital. Our main concern is focused on offering a top quality service to our customers, “ says Gómez.
“Private banking should not be a collection of assets but it should complement a proper planning of assets, with the efficient distribution of assets and fiscal optimization to try to ensure success in our service, which is why our vocation at local and national level is growing. We continue to incorporate professionals into our team, taking advantage of the opportunity we have to attract talent from good private bankers due to our specialization and business model, “mentions Gómez Ortí who also worked for the giant Morgan Stanley in the mid-1990s. An open architecture that allows investors to bring the best riskreturn options to their equity is a maximum in Andbank. Financial assets alone do not normally complete an efficient distribution, and options such as risk capital, real estate market, investment in renewables, etc., are of particular value. Hence, it is fundamental to be able to give the investor access to this type of investment, within the parameters of knowledge and risk to be assumed by each investor.
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Andbank Spain launches a Key Clients division for major assets
Andbank España has launched a new division of Key Customers, specialized in the management of large assets. The division is aimed to clients with a wealth of more than 10 million euros and the objective of the unit is to capture 1 billion within the next three years. Juan Carlos Solano is in charge of the Key Clients division, he has been executive director at Andbank Spain since 2012. He did a degree in Business Administration and Law at Icade (Universidad de Comillas) and EFPA Spain, and has more than 20 years of experience in the asset management sector. The new Key Clients division will offer a comprehensive wealth management service. In order to provide such service, it will integrate a personalized private banking service, independent financial advice adapted to MiFID II, estate planning and various technological tools. Solano will be accompanied in this new division by Juan Fontán, head of Family Office of the entity (who has more than 25 years of professional experience in the sector and comes from Schroders,
entity in which he was responsible for Private Banking), Fernando Cortijo and Diego García, Private Banking directors of the group in Spain. According to Carlos Aso, CEO of Andbank Spain, “the objective is to provide a comprehensive service to a customer profile that requires specific solutions, with independent advice from professionals specialized in areas such as taxation, real estate investment or estate planning, combined with the use of the most innovative technological tools on the market “.
The new Key Clients division will offer a comprehensive wealth management service.
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Interview with Manel Martínez But we cannot forget that our job is based in personal relationships and therefore “human treatment” is essential. For us the customer is not a number or a client, it is someone with whom we have a relationship that goes beyond simple numbers. We always try to build trust relationships with customers that go beyond the purely commercial ones. That is what differentiates us from our competitors.
Andbank is present in Bahamas since 2001. What has been the evolution experienced? Andbank Bahamas was the first international banking license of the group. The change experienced has been very big and has reflected the evolution of the Andbank group. We have moved from being a “booking center” with three employees and exclusively European clients to become a bank with clients from all over the world and with 15 multicultural employees who are experienced and very prepared. What strategy has Andbank Bahamas set for the next few years? Our strategy for the coming years is to diversify our customer base and grow into what we call “The Americas” (LATAM, Caribbean, USA and Canada). We also want to take advantage of the synergies that can be generated with other parts of the group in order to offer customers the widest range of products and services as well as the possibility of being able to diversify geographically within the Andbank group. We live in changing times at all levels, but especially in the financial sector. Therefore, it is essential to have a great capacity to adapt to change and flexibility, without forgetting to be rigorous and always focused on customer service. The competition of the banking sector in Bahamas is more than obvious, according to the Central Bank, more than 350 banks and trust companies are licensed to operate there, what is the key to success? The key is to offer a personalized service. To achieve it, we must keep in mind both the financial and human aspects of each client: Know the financial needs of the clients and offer them products and services specifically adapted to their situation
Each jurisdiction has its own characteristics and peculiarities, what would you say makes banking in the Bahamas different from other jurisdictions? Bahamas has the most developed financial sector in the Caribbean. It is a sovereign state with a stable democracy and with good infrastructures, talented and qualified professionals and a very competitive tax regime. This combination makes the Bahamas an excellent destination for both tourists and business travelers. As for the financial system, as you said before, there are more than 350 licensed banks in the Bahamas, where most of the world’s largest private banking banks are present. Perhaps the main difference with other jurisdictions in addition to its stability and the reputation of its financial sector is the fact that their legal system is what is called “Common Law”, which is the same system as most Anglo-Saxon countries (USA, UK, etc) which offers a number of advantages in fields such as succession planning that are very interesting for the type of clients we have who do not think in the short term but in the medium and long term to grow their wealth and transmit it to their family. You have been in the Bahamas for 10 years now which is an important life change, what do you miss the most from home? I guess the same as anyone: the family and friends of a lifetime. I also miss the gastronomy, in Andorra there is very good food. The security that Andorra has, is not found anywhere else in the world and it is something that the Andorrans do not value enough. What would you highlight as a positive aspect in going to work away from your home country? Living and working away from your country makes you grow both personally and professionally. You discover other ways of thinking, working, other traditions and values that make you more tolerant and open. Living in another culture opens your mind and makes you see things with a different perspective; it takes you out of your “comfort zone” which is always positive. It also helps you to value certain things of your culture that you had never before.... and to discover that certain things that you valued before are not as important as you believed. I consider it is an experience that we should all live at least once in our lives.
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Andbank knowledge
Getting to know the Newton project With Pedro Cardona, Global Chief Information Officer Following with the strategic plan, Andbank is carrying out the Newton Project, which will mean a deep transformation in our daily basis way of working. So far, and with the collaboration of different departments, the Project Plan that defines the approach and scope of the project has been developed, and was approved at the last Board of Directors meeting. Now it is the time to start walking through the steps outlined in this plan. Pedro Cardona, Global Chief Information Officer, tells us exactly what the Newton Project consists of: The goal of the Newton project is to turn Andbank into a reference entity of the 21st century. This happens when complementing the current capabilities with technology and procedures that allow the client to have a differential experience with Andbank. The current client is very demanding and requires, among others: rapidity when providing a service, agility in decision making, possibility of accessing the bank from wherever and whenever, and so on. What is the key part in this project? I would say the two keywords in this project are “Integrate” and “Customize”. To achieve our goal we will use different components of third parties, customizing them according to our needs and ensuring their correct integration. The integration is not only operational, a key part is the integration of our data, ensuring its quality and agility in processing, allowing us to make decisions with greater speed. What are the steps to follow now in the Newton project? After spending more than 10,000 hours developing the project plan, now its time to start working on it. We are talking about a project that exceeds 750,000 hours of work and will affect everyone who is part of Andbank. If we divide it by stages we could say that: - In the first phase we will integrate all the jurisdictions that have a banking card and that are currently using the Olympic platform. This phase also contemplates the construction of the main pillars that will use the rest of the jurisdictions when being incorporated in later phases. - In the second phase we will integrate all jurisdictions that do not have a banking license. - In the third phase Spain will be integrated. - And in the fourth and last phase Brazil will be integrated. Regarding the first phase, in terms of general planning, we
can say that during 2017 the technical tasks of the system integration and customization will be carried out, while 2018 will be a year of testing and managing change (teach how the new system works). The objective is to start working on it in early 2019. How will our new system be? Current systems are based more on the integration of components than on developing them from scratch. We take the opportunity we have to make a complete overhaul of our systems to adopt a model based primarily on component integration. A key aspect of this design is the ability to have a piece on which to incorporate the different solutions of our system. In our case this piece is the Oracle integration bus. This seems a lot for a single system, how will you ensure that it supports so much information? There are two fundamental aspects: adequate IT solutions and their correct implementation and subsequent maintenance. During the project plan we have been working on identifying the best market solutions for our needs and the best way to implement them.
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For this reason, it has been essential to identify common interests between the suppliers and Andbank that go beyond a simple payment for services rendered. We have established significant relationships with three of the project’s main suppliers, with the aim of making our systems a benchmark in private banking at a worldwide level. With this we make the NEWTON project also strategic for them. Additionally we can contemplate in the design that the critical systems for the support of the business are redundant to assure its high availability.
Our transactional architecture is based on a “Integration Bus”
Multichannel
Treasury
Retail Core Banking
Core Banking
BUS DE INTEGRACIÓN
Private Banking B.O.
Asset Management
Compliance Fuentes Fuentes Externas Otras Externas Aplicaciones
The integration bus is responsible for connecting the different applications in a standard way and managing the service needs of the different applications.
In our case we will have two complete Data Processing Centers (CPDs), one in the main building of the bank and another one in La Comella, each of them will be able to support the bank’s activity. You said before that it will be necessary the participation of all to carry out this project successfully, what is this participation about? We must ensure that everyone understands the project and that they are aware of the implications and effort it will entail. This effort will basically come from the need to develop and execute the test and on the other hand to know the new
capabilities of the system and how to use them efficiently. We are currently planning to define more than 250,000 tests that we will execute more than 6 times. The goal is to ensure that the new system works properly and that it is known by users before it is implemented. I usually use a sentence that seeks to grasp the meaning of this approach: “You play as you train”.
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Social events
32nd edition of the kiwanis Walk in Panama One more year Andbank sponsored the Kiwanis Hike Race which counted with more than 1,000 participants between the two categories, 5 and 10 km. On July 17 th, more than two thousand people jumped on the streets in Panama to encourage the participants of this sporting event that is already a reference in the city. In addition of being a family spirit event, this year they counted with the participation of runners of the Panamanian Olympic team in their preparation for Rio 2016 and international riders from places as far away as Kenya. The participation of the youth group Team Gladiadores Kiwanis was even more special, a group of boys from marginalized neighborhoods who, thanks to the support of the Kiwanis Panama Club, nowadays they can focus their time and dedication to the running sport.
The funds raised in this event are used to reinforce the various activities in support of the Panamanian community, especially children.
Andbank in the III Classic Week of Puerto Sherry in Spain During July the third edition of the Classic Week of Puerto Sherry in Cadiz took place. It is a regatta, which is celebrated every two years, and which brings together the most impressive classic sailing ships. In this classic sailing party we can see some of the most beautiful images that can be seen in the sea: impressive canopies and neat covers that smell of wood and varnish and much history on board over the years. The 3rd Classic Week of Puerto Sherry is included in the select calendar of the 15 M International fleet and is organized by Puerto Sherry and Puerto Sherry Yacht Club, with the main
sponsorship of El Puerto de Santa Maria Marina, Andbank and Mitsubishi Motors. More than 20 boats met in the bay of Cadiz. Finally the Swiss Mariska in the class 15 M and the Spanish Giraldilla in the Spirit Tradition class were the winners of this 2016 edition. Manuel San Salvador, Managing Director of Andbank Luxembourg was present at the awards ceremony together with Valle de La Riva and Enrique Lรณpez Bosch, President and CEO of Puerto Sherry, respectively.
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Great success of “La Purito 2016 Andbank Grand Prix” After a massive departure from Sant Julià, more than 2,000 persons who participated in La Purito 2016 in three different routes, 22km, 80 km and 145km, overloaded the ports of the country such as the Comella, Coll de la Gallina or Els Cortals d‘Encamp, point where the arrival area was located. Among the finishers of the 80km route, some of our teammates were present such as Eveline Chouvin, Eloi Fort, Jatri Garcia Romeu, Andrés Herrera and Yolande Poulou. Congratulations to all! Luis María Urizar was the first to finish the long route (145km) with a timing of 5 hours and 51 minutes, while the second one, barely two minutes later, was Raúl Portillo from Bilbao, winner cyclist in the chrono-scoring held in this event. Once crossed the finish line, both cyclists, who are used to compete over all the Pyrenees affirmed that “La Purito” is the
hardest and at the same time the most beautiful competition that they have ever done. Joaquim Rodríguez “Purito”, who made the tour at a much smoother pace to enjoy the day, reached the Cortals d‘Encamp with a great ovation. The August 6th, 2017 will be the next meeting of “La Purito - Andbank Grand Prix” .
Andbank delivered to Caritas Andorra check of more than 4,000 € La Massana and Ordino art school organized last June the traditional annual charity dinner at the Hotel Coma. Among the works sold by artists such as Susanna Ferrer, Jean Luc Herver or Rosa Mujal, plus 50% of the amount of the menu paid by attendees, and the Andbank donation, the event raised almost 5,000 euros for the Caritas Andorra wardrobe project. The amount was collected in the charity auction organized by La Capsa. The 3rd edition of the dinner - charity auction organized by La Capsa, collected in this edition € 4,834.
Nuria Rocamora, Head of the Global Marketing department at Andbank delivered the check to the parish priest Ramón Sarrias and to Amadeu Rocamora President of the charitable entity.
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Andbank collaborates with the CRIS Cancer Foundation Each year, 1,400 new cases of cancer among children are diagnosed in Spain. CRIS stands for Cancer Research Innovation Spain, and Andbank collaborates with CRIS in its project to create a Unit for advanced therapies against cancer among children at La Paz hospital in Madrid.
The CRIS Research Foundation is a private and independent organization whose objective is to promote and finance research projects for the treatment and cure of cancer.
Mayte García Llorente, head of Corporate Alliances of the CRIS foundation, highlights that “It is very important that Andbank has selected us among all NGOs, they have confirmed that what we do is the right thing to do. They corroborate that important companies want to collaborate in improving the population’s health through research in order to help the fight against this terrible disease that is children’s cancer. In addition, this collaboration allows us to make known our message to a lot of people and companies that are related to Andbank”.
Antoni Bassas Conference The well-known Spanish journalist, winner of an Ondas award, Antoni Bassas held a conference in Andorra on October, organized by Andbank. The Consortium room of the Congress Center seemed small because of all the attendees who did not want to miss the talk “Reputation simulation and truth” in which he spoke of how the media influences (especially international media) the public opinion and the Andorran image. Bassas, who directed the mornings of Catalunya Radio for 14 years, highlighted the multiplier effect that social networks have on reputational issues.
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Screening of the Salvados documentary Andbank joined the Salvados project to raise funds for the NGO Proactive Open Arms. The journalist, Jordi Évole, and his crew of Salvados made a documentary about the critical situation that the refugees face when crossing the Mediterranean Sea. The documentary was screened in the cinemas all over Spain and Andorra and the money collected from the tickets went entirely to the NGO. In Andorra, thanks to a collaboration between Andbank and Cinemes Illa Carlemany, the film was screened in a single pass that brought together almost 200 people and raised 1,130€.
“The story of a luxury sailboat turned into a boat for refugees”
Andbank Andorra renews its collaboration with the Red Cross Andbank has renewed its collaboration with the project of the Andorran Red Cross that allows giving first aid training in the educational centers of the country. Six years ago, the Andorran Red Cross took on the challenge proposed by the International Federation of Red Cross in order to provide first-aid skills to the 75 per cent of the world’s population. Andorra is already close to this goal, 60% of the population already has first aid knowledge, and the forecast is that by the end of 2016, 650 more students will have such knowledge. All education centers in Andorra currently offer first aid training sessions.
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The photographer Fernando Manso has presented his new collection at Art Basel Miami together with Andbank Coinciding with Art Basel Miami, the most important modern and contemporary art fair in the world, Andbank has organized a photographic exhibition aimed at its clients in Latin America. At the event, where more than 100 people attended, the work of the award-winning Spanish photographer was presented for the first time in the United States, which is called “The Alhambra an unpublished vision”. The General Consul of Spain in Miami attended the event, which took place at the Hotel East of Brickell where 12 representative pictures of the collection that first came out of Spain were presented. The event was hosted by Joaquin Francés, CEO of Andbank in the United States. Mr. Frances highlighted Andbank’s commitment to Private Banking which is the only business that the bank is carrying out, and explained that in difficult times such as the one the Bank has experienced in recent years, one of the critical values of the entity is to avoid conflicts of interest with customers. In addition, he valued the way in which Fernando Manso did his work, where the knowledge of his environment, the commitment to what he represents and the transparent and methodical execution of
his work has a lot of connection with the Private Banking that Andbank has been carrying out for more than 85 years. During his presentation, the CEO of Andbank highlighted Andbank’s commitment to Latin America where it has been investing during the past 8 years in order to follow the Bank’s internationalization strategy.
Exclusive Dom Pérignon Tasting in Andorra On November 30th Andbank Andorra organized a Dom Pérignon tasting exclusively for its customers. Dom Pérignon is the most famous “prestige” cuvée in the world. It is a Champagne created in 1936 by the company Moët et Chandon as a tribute to the emblematic figure of the wines of the area. About 50 people attended the event, in which they were able to taste 2 types of Dom Pérignon and one type of Moët Chandon, accompanied by a tasting of Iberian ham and cheese. The event was held by Òscar Ortiz, master of ceremonies of the Moet & Chandon Company, who explained the history and provenance of Dom Pérignon and detailed the process of elaboration of this champagne, from the production of the grape to the bottling.
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The 3x3 team, sponsored by Andbank, is fourth in the European Championship The Andorran basketball U-18 selection of 3x3 ended last September the European of Hungary in fourth position. The team, sponsored by Andbank, moved away from the third place after a game against Turkey that finished with a result of 17 to 18. The team coach, Èric Bartolomé, has assured that the players Hugo and Alexis Bartolomé, Aaron Guzmán and Èric Peña have made history in this competition.
Andbank with UniRaid: An initiative in solidarity with the neediest areas of Morocco
UniRaid (formerly known as Unidesert) is a solidarity initiative with several years of experience that joins together young students from different universities on a tour that will reach the neediest areas in Morocco and it will take place on February 25th. A journey that is carried out with vehicles that are more than 20 years old, with minimum power (less than 1300 cm3) without traction to the 4 wheels, without GPS...
in short, with conditions that assure challenges to beat. Andbank will be supporting the team formed by two young students, Tomás Lérida and Pol Carrión, who will participate on this humanitarian adventure that will start in Tangier. Afterwards, they will cross Morocco through the interior, crossing the Atlas towards the desert of Erg Chebbi, where they will deliver school material in villages previously selected by the Organization. The next stage will be Marrakesh, the most beautiful imperial city in North Africa. The journey is composed of seven stages in which the teams will combine driving on mountain roads, tracks, sand and dunes. The challenge: to overcome the 7 stages with only a road book, a map and a compass (without GPS or electronic devices), on a 20 year old car, overcoming the natural obstacles and the various strategy and skill tests proposed by the organization.
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Interesting people
Interview with Gay de Liébana Gay de Liébana, who studied Economics and Law and who is now professor of the University of Barcelona, predicted the crisis before it was evident, also in 2008 he said that there is no evil that lasts a hundred years and that the Spanish economy would enter a cycle of soft growth that would last for six or seven years. And for the time being his forecast seems right. The psychology of people is a sign of recovery for you, but to what extent this factor contributes to the good progress of the economy? If people have an optimistic message that is convincing and, in addition, there is a spreading effect, the economy will improve. The economy is something emotional, isn’t it? And I always say that when the Spanish RCD wins, that week is economically good because I have positive energy. We have to start to change the message so that the citizenship gets positive about the economic situation, but people at the end say: ‘Listen, regardless of such optimism, what is really there?’
The crisis has really affected Spain and filled the television sets of economists, delighted to explain to the audience what was happening to the country. One of the most well-known faces of this phenomenon was and it continues to be nowadays José María Gay de Liébana. “People these years have been much more into the economic subjects”, recognizes this disseminator with a long experience as a teacher. Perhaps for this reason his speech and his easy word hooked an audience that experienced in person the effects of the economic recession.
“People these years have been much more into the economic subjects”
In countries like Spain, the problem of unemployment is still latent. Is there any alternative for the long-term unemployed? I think it’s going to be difficult. I have the impression that there is a generation of people over 45 years old, who are now over 50, who are hardly going to be relocated to the workforce. They are people who are being left out of the play, not being updated, who were born, grew up and worked in a world with different references than the ones we have today. Moreover, they will reach the retirement age. It is not only worrying for them, but also for those who have children who don’t work either and this is something that we have to fix. You advocate for reconstructing the university system. What should change according to you? Those who say that the new generation is the best prepared do not know how the real world works. Every day I’m walking into the classrooms and I know they are great kids, but they lack a solid foundation. The problem stands in the basic training, which is very poor and it diminishes more and more. We believe that young people arrive at the university speaking different languages: but the truth is that they speak and write in Catalan and sometimes in Spanish, making spelling mistakes; and they do not speak English, French or German. This is speaking generally because there are always exceptions. Nowadays we spend less time at university than before and the duration of subjects and degrees are also shorter than before.
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But how has Spain, with so much unemployment, resisted the economic crisis? I think there is a submerged economy, which is bad, but that is helping to maintain the system because, if not, we would have riots in the street. Secondly, let us ask ourselves what it is that gives rise to a submerged economy. We can find the answer in tax demands, bureaucratic and fiscal pressure. We live in a country with such a disorder that if you badly fill in a box of printed information from the tax office, they can put you a fine of 5,000 euros. These nonsense are what nourish the submerged economy, which will obviously always have its niche to the extent that we do not have to think about reasons of what would make a country easy and comfortable. In Switzerland there is no submerged economy because the rules are bearable and there is not the same pressure as here. You say that in Spain you pay too much tax, but how can it be that with so many taxes there is such a large public deficit? Because there is an excessive public expenditure and we are not aware of it: this country is spending more than 465,000 million euros, among central state, autonomous communities, provinces and municipalities. In addition, we allocate every year 12,000 million euros to Brussels, plus the percentage of tax collection. We can not maintain the actual state structures. I am not saying that the autonomies have to be destroyed, but they must be more efficient, like the one of Euskadi. We still have the pre-transition public mentality and we should move forward to a new mentality. The goal of Spain should be to have a low cost state, in other words, there is no need for so much state paraphernalia.
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Obviously, public services cost money ... I won’t argue that. I am one of those who think that there should not be cutbacks in the Health system and, especially, in Catalunya, where they have the best health system. Neither the health nor the education systems have to be touched, the state should give more resources to these two systems. Where I would do cutbacks is in the political industry. During the last four years over 1 billion euros that have fallen from our pockets have gone to political parties. How should the government avoid the continuous lowering of the social security pension fund? The problem of pensions are not pensioners, who get paid according to what they have quoted, but the system in the entire developed world is based as follows: those who work have to quote and those who don’t work get paid from those who work and quote. Therefore, it means that there is a problem here: that those who retire could afford the pensions of their parents and grandparents because the pensions that were collected were low and salaries were high. But nowadays more people are getting retired and they get paid the maximum pension, while those who work have precarious salaries and quote at low rates. In addition to this lag, there is another problem: 20 years ago there were 20 million people who were contributing to social security and now there are 16 million. There is a need, more people have to work and contribute to social security and the salary needs to be higher as well.
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New employees
Joan Berenguer
Position: Technological Infrastructures Manager, IT department Juristiction: Andorra
Daniel Gómez Position: Organization Manager, IT Department Juristiction: Andorra
Joan Berenguer is a Technical Engineer in Telecommunications and he did a Master in Management Development. He has worked for more than 6 years at Everis where he has led projects related to business development and technological infrastructures.
Daniel Gómez is a telecommunications engineer and he has joined Andbank after a professional career of over 12 years, leading international development projects for the financial sector in large companies such as PWC, Everis and CaixaBank in recent years.
Antonio Castro
Javier Sánchez Cortés
Castro has a Law degree from Icade and is a state attorney. He has developed his career at Barclays Bank, playing different executive roles since 2007. As CEO he led the transfer of the commercial banking operation in Spain to CaixaBank. Previously he was General Counsel and Head of the Regulatory Affairs for Europe.
He comes from Banco Santander, an entity in which he has developed his professional career since 2008 in the division of private and personal banking in Zaragoza. He has joined Andbank as a private banker in the Zaragoza office. Sánchez Cortés has a degree in Law and a Master’s degree in Banking and Finance. Moreover, he holds a Superior Degree in Asset Management by the Spanish Institute of Financial Studies, a Financial Planning and Wealth management program by the IEB and the EFA accreditation.
Position: Chairman at Andbank Asset Management Juristiction: Spain
Daniel Sevillano Rodríguez Position: Compliance Manager Juristiction: Spain
He has a Law Degree and a Master’s Degree in Legal Counseling. His professional experience consists of, among others, 8 years in Baker & McKenzy, Senior Associate in Deloitte and in addition, he is a law professor at the University of Villanueva.
Position: Private Banker Juristiction: Spain
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Andbank territories
Panama
Located in the southeast of Central America, Panama is considered as the most southern country of North America, in addition of being geographically and culturally part of the Caribbean. Its official name is Republic of Panama and its capital city is the City of Panama. It has an area of 75,517 km². Panama has a population of more than four million inhabitants; it has a privileged position in several Latin American growth and development classifications as the human development index. Panama is the second most competitive country in Latin America according to the world forum and the country with the highest economic growth in Latin America. Due to its geographical position, it currently offers the world a wide range of maritime, commercial, real estate and financial services, including the Colon Free Zone, the largest free zone on the continent and the second largest in the world. The country is categorized in absolute terms, meaning that, the distribution of wealth is not taken into account, as well as of medium to high economic incomes. The Panama Canal which is one of the world’s engineering wonders, celebrated its 100th anniversary in 2014. It is just 10 kilometers away from Panama City, thousands of visitors go to the Miraflores Visitor Center every year, a space where you can find the information center, restaurant and shop of the complex. The tour of the Miraflores locks and the Canal Museum make the tourists discover in a didactic way the operation of the road and its relevance to the world trade. One of the must visits in Panama is the Biomuseo. The only building in Latin America designed by the architect Frank
Ghery, who is also author of the Guggenheim building of Bilbao, his works are characterized by his original architecture from striking colored ceilings in aluminum and stainless stee. This new space in Panama reinforces the importance of biodiversity and conservation in its 4,000 m2 and eight exhibition halls. A walk through the historical quarter of Panama City, a territory that stands out towards the Bay of Panama, the historic buildings of the colonial era and the construction of the Canal, show the Panamanian history shared with Spain, France and the United States. Nowadays, the historical quarter is experiencing a renaissance. Its buildings are being
Biomuseo of Frank Ghery
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restored, new restaurants are opening and many people are choosing historical quarter as their place of residence. According to an article written by the world tourism expert, Arthur Frommer of the Frommer Guide, the historical quarter is on its way of becoming one of the most beautiful cities of the Spanish colonialism restored from the new world. Highlights include historic buildings, 17th century churches such as the Golden Altar Church, 17th century convent ruins,
Historical quarter of Panama City 16th century dungeons, a monument to commemorate the 22,000 Frenchmen who died with the construction of the canal and a museum of the Panama Canal located in an elegant building that was once the headquarters of the French who tried to build the Canal. The historic quarter is an elevation, so you’ll enjoy the ocean breezes and views
Skyline of Panama City
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of the ocean and bay. Close to the French monument there are some excellent handicraft shops. If you are hungry, you can find many nice restaurants. We recommend visiting the Ice Cream Granclement shop which has traditional style ice cream, we recommend you to try their tropical passion fruit ice cream. You can also find good nightlife spots in the historical quarter of this amazing city. La Calzada de Amador is a major attraction of the city because it has spectacular views of the skyscrapers and the Panama Canal. The Causeway was created in 1931 to connect four small islands using rocks extracted from the Panama Canal and serves as a breakwater for the entrance to the Pacific coast of the Canal. Today, these small islands, bathed by pleasant breezes, have many good restaurants at prices for different budgets, bike paths or running roads, an aquarium of the Smithsonian Tropical Research Institute, craft shops, a cruise port and a yacht port. There are also many restaurants with great views of the Canal and the ocean during the day and night. A worth activity is to go up to the Panama Canal Railway, the original and first trans-continental railway. Opened in 1855, it was built by travelers who were on their way to California in the pursuit of gold. The trip takes you in observation carts on the scenic isthmus from Panama City in the Pacific, to Columbus in the Atlantic in just 90 minutes. On the way, you can enjoy the views of the Canal and the surrounding rainforest.
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Restaurants in Panama
TINAJAS
LA CASA DEL MARISCO
The name of tinajas comes from large clay pots. And just as fresh water is drunk from the jars, nowadays the Tinajas Restaurant, preserves the flavor of Panama fresh. Tinajas is an old and elegant residence restored with rustic elements which are reminders of colonial towns.
Casa del Marisco has a history of over 50 years in Panama City and it is considered the best in the city.
www.tinajaspanama.com
It is a classic and elegant restaurant that serves the best typical recipes of the cuisine of Panama. In this restaurant you can not forget to try dishes like cebiche, Panamanian stew and yucca cake. From Tuesday to Saturday in the restaurant lounge there are folk presentations.
www.lacasadelmarisco-acha.com
It was founded in 1965 by Don Ramón Martínez Acha and his wife, Doña Claudia Vásquez de Martínez, and immediately became the best restaurant in the Republic of Panama. Ramón Martínez Acha arrived to Panama in 1953 from Bilbao (Spain), his place of birth, where his love for good food began. In this restaurant it is recommended to try the Spanish omelet, Galician octopus, corvina with lemon and grouper with mushrooms. It is also known for its seafood specialties that make it a benchmark for the sector.
MUELLE 67
TRAPICHE
This restaurant has fresh fish from both the Atlantic and the Pacific Ocean and counts with an extensive menu offering, as well as fish, salads, pasta, meat ... One of its star dishes is the King Crab.
El Trapiche Restaurant, specializes in the “Panamanian Typical Cuisine”, where you can enjoy a cozy atmosphere.
Calle 67, diagonal a Bodega Mi Amiga - San Francisco – Panamá
www.eltrapicherestaurante.com
This restaurant is perfect to recreate the flavors of the interior countryside, in Panama City. Its new location in Albrook Mall is the most visited. The star dishes are the “Sancocho de Gallina”, with traditional vegetables and seasoning and also the “Hojaldre Sandwich”, which is prepared with traditional fried bread.
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People Platform
Andbank’s intranet continues to grow. Today we want to present “Andbank Privilege” the section that includes all discounts and offers offered by different companies to the employees of Andbank.
KidsMe Online web site specialized in children’s fashion, design and trends.
Fontanals Delicatessen
Web: www.kidsme.es Offer: 10% exclusive discount for Andbank employees. Discount code: kidsandbank
Online gourmet web. Fontanals Delicatessen is the second generation of a family of charcuterie tradition. A careful selection of gourmet products is offered online. Discover a wide variety of products: gourmet cheeses, Iberian hams, foie, oils, sauces, preserves, salts, jams and delicatessen sweets. The products of the delicatessen online store are characterized by their exclusivity and high quality. Web: www.fontanalsdelicatessen.com Offer: 5% discount exclusively for Andbank employees in online purchases. Discount code: VWY7T6KP
Limusinas Lara Let them drive you. Travel in a comfortable way, which means without driving and the chance to rest during the journey. Special discounts for Andbank employees: Web: www.limusineslara.com Offer: Andorra-Barcelona route: 210€ Andorra-Lleida route: 160€ (There are more routes available check the options at the web).
Claustrophobia Andorra An Escape Room is a perfect activity to spend a different and unforgettable time with your friends and family, it is carried out in a place with one or more than one room, full of enigmas. The different rooms are controlled at all times by the director of the game. Once inside an adventure in which the users feel like the main characters of a film begins. When entering the room, the doors close automatically and the players have 60 minutes to discover and solve the various mysteries that the room hides, the objective is simple, to escape before time is up. Web: https://andorra.claustrophobia.com/es/ Offer: 10% discount
Roc Roi It is a company dedicated to adventure sports with more than 20 years of experience. From Grau Roig, in Grandvalira, you can go for excursions on snowbikes, mushing, discover itinerries with snowshoes or make igloo constructions. Web: www.rocroi.com Offer: 20% discount
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