World August 2016. N.Âş 7
Andbank’s Internal Newsletter
Editorial Ricard Tubau
We continue working to achieve our goals Group Evolution
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Social Events
21
6
Interesting People
29
New employees
31
Andbank News
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Andbank Territories
32
Andbank knowledge
17
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
Group Evolution
03 6
04
05 01 17
PDO | Spanish universities NEWTON Project
New faces in the Group
Social Events
06 02 21
08 01 31
Andbank Territories Miami
Interesting People
29
Interview Cristina Maragall
Conferences | Events | Collaborations Others
07 03
New employees
7
Interview Alfons LE MONNIER | News | Interview Nilton Breinis / JosĂŠ Hugo Cintra
CEO Andbank
Andbank knowledge
Andbank News
09 02 32
People Platform
34
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Editorial
Dear Colleagues, Dear Colleagues, we close this first semester 2016 with fair good results. Despite the international financial environment, our Group has succeeded in maintaining the level of service and profitability. We are moving fast, progressing in various projects that are changing the way we worked in many aspects but that will make us event stronger. Areas such us IT and compliance have been reinforced in order to assure our path to success. In that respect, in Andorra a remediation plan is being put into practice. Known internally as Keops, its goal is to improve the state of information in clients’ records. Currently, the aim of the plan is to review a set of preselected records that represent 80% of the assets under management in Andorra. To carry out this project, which has involved the collaboration and co-ordination of different internal departments, Compliance has established guidelines for analysis that will also be used in the future as a guide for the proper documentation of the clients and for updating their documentation. Thanks to this plan, the Group will have sounder pillars in managing the documentation of the records in Andorra and later in the other branches (where it is also planned to implement Keops), as well as the consequent improvement that this project is meaning in defining internal processes of the Group. Andbank has continued in its line of growth, maintaining its position among the best banks in terms of solvency and liquidity. It is important to mention the improvement in solvency, which rose from 17.90% in 2015 to 21.53% in 2016. Even while we were achieving our objectives we did not lose sight of our responsibility to society and our environment. We were present at the main charity events, such as the project in Valencia with Save the Children, with the Kiwanis club in Panama, the charity golf tournament in Luxembourg, and the charity dinner for Caritas in Andorra. We produced Andbank Talents, a programme that was broadcast on Andorra’s Television, in which different leading people from sport, politics, and culture showed their more human side, showing how talent and hard work has taken them to the top.
In just four years Andbank España has found its place among the top ten of Spanish Private Banking and was named Best Private Bank by the publication “The Business World Wide Magazine”. The Andbank group as a whole continues to make progress with Newton, the project for renewal of systems and technology that was started last year. Newton is going to change the way in which we work. Following a detailed study of each area and its needs, we will be adopting the most appropriate tools for each department, with the aim of gaining in speed, productivity and efficiency. New offices have been installed in Luxembourg, Monaco and Spain. The Luxembourg team has moved to a more avantgarde architecture building, while in Monaco they have extended the current space. In Spain, a new office has been oppened in Bilbao. Andbank is going ahead with its plan with the results confirming that the chosen path was the right one. Manel Cerqueda Diez has joined the Group’s Board of Directors, from these lines I give him the most warm welcome and invite you all to do so. Together we will continue to harvest success and meet our goals.
Ricard Tubau CEO Andbank
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Group Evolution
Results 1st half year 2016 The Andbank Group closed the first half of 2016 with assets under management worth 21,678 billion euros, which is a fall of 4.2% compared with the close of 2015 (45% due to Private Banking in Andorra and the rest from international Private Banking). Although the group is still committed to international growth, recruiting the best profiles, strengthening the compliance area and investing heavily in Information Systems, the pre-tax profit remained at a sound €27.8m.
Andbank remains one of the benchmarks of worldwide private banking in levels of solvency and liquidity. It is important to mention solvency, which rose from 17.90% to 21.53%. The group consolidated its position as the biggest bank in Andorra, with a share of clients’ resources of over 50%, far ahead of Crèdit Andorrà with a share of the 30.1%.
(In million euros)
June 2016
June 2015
AUM
21,678
22,340
Credit Investments
1,774
1,864
Turnover
23,452
24,204
Solvency Ratio
21.53%
17.90%
Liquidity Ratio
68.14%
68.39%
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Andbank news
Interview with Alfons LE MONNIER
After 26 years in Andbank, almost half a lifetime, the time comes to focus on yourself 100%, the time comes when your first good morning doesn’t come from the alarm clock. You no longer need a dose of coffee first thing in the morning to face a long and sometimes difficult working day. After 26 years in Andbank Alfons Le Monnier has made good friendships, great memories and unforgettable moments. You started in the world of banking 40 years ago. What made you to go that way? To be honest, my frustrated vocation was medicine because I have always liked helping people. When I was young my father talked to me about the worlds of insurance and finance and in the end I went for finance. I had two offers to start with, one with a savings bank and the other one with a regular bank. Banking was much more attractive for me, I thought it had a wider scope and I could learn more. At that time I didn’t see much future in “Mrs Jones’s savings book”. In the end, I don’t think that I was wrong because, as you say, I’ve spent 40 years in banking and I am very happy.
You must have grown and learned a lot after 26 years in Andbank. What lessons will you take away with you? How do you think you have benefited from being in Andbank? When I arrived in our Andorra in 1989, I went to my beloved and never forgotten Banc Agrícol i Comercial d’Andorra. It was a very big change because I left behind my family and friends, and came like someone emigrating to a new world, seeking for victory. Really, it was very hard, as you well know, so many years ago it wasn’t the Andorra we live in now, it was all very different. At that time things were done by the hook more than by the book but now companies have to keep their books and audit their balance sheets. The change has been huge and I have lived through all this intense transition. To answer your question, I would say simply: I have learned to work in teams, to prove that we did things well. I have grown as a professional and as a person, thankful that the bank had the right professionals to run its programmes and operations that have let us reach the position where we are today. Thank you. Congratulations to everyone.
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Did you have the chance to go through different departments. What was your career in Andbank? I started in private banking. I was in the commercial department, I had set up the Fiter y Rossell branch as manager, then I was the deputy manager of the main branch of Banc Agrícol, then I went to private banking again and when the bank became Andbanc in 2001 I went to the Meritxell branch (formerly Banca Reig), then I managed the private banking accounts in the Plaça Rebés branch and in the last few years I was in private banking in the Business Centre. I have had the good fortune to be useful to the bank in all these, because innumerable people, businesses and companies have passed through my hands. Having been in all these places taught me a lot, because you deal with so many situations that keep you on your toes. I am very happy to have done my bit in each post. You must have lots of stories. Tell us about something funny that you remember. You can’t imagine what I can tell you! From one lady who was a bit tipsy and pinned me to the wall of the meeting room with her walking stick, to another telling me to turn my back because she had to get the money from her underskirt, and I saw out of the corner of my eye that she was taking her skirt off! Once some clients arrived late for the meeting, and because they had been driving very fast to arrive on time their little boy was sick on the table ruining everything. I also remember one client who ate the card with the signatures because he said that he didn’t want to leave any trace that he was a client. Another day I’ll tell you some more. Over all these years you must have had some difficult moments. What would say was really tough? Of course it’s not nice to remember the difficult moments and especially those that have to do with clients and friends. But I’m going to tell you about one that I will never forget. A couple of years after I arrived in the bank, an important client came every week and took out a million pesetas. The third time he came I asked him if he was cross with the bank or if we had done something against his interest, and he said no. The fifth time I asked him again what was the reason why he was taking the money and he told me that he had a grandson who needed special care because he lived in a bubble that kept him alive and that costed a lot of money. Several months passed by and the client returned. I told him very happy, “It’s good that you haven’t been back to get more money out,” thinking that his grandson didn’t need it any more, and I was terribly sad when he told me that he didn’t need to take any more money because his grandson had died. Another very sad moment was when our friend and colleague Ester left us in six months. I will always remember the happiness she overflowed.
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From your experience, what would you recommend to someone starting to work in Andbank now? The first thing I would say is that you will form part of a great bank, with an impressive future, but with the motto “Work, work, and more work.” But most of all, do things with enthusiasm and you will achieve what you want. What will you miss most? Without doubt, the day-to-day work, my colleagues, who are fantastic, I really had a great family by my side. I think I spent more time at the bank than at home. Honestly, did you want this moment to arrive or did you see it approaching with concern? After so many years working, I didn’t have the idea that my retirement day would arrive. I would have liked to carry on, but in fact I realised that this world around us is getting a bit complicated, and the time has come to live with my wife and children, from whom I have stolen so many hours. What are your projects now? Because something tells me that you won’t be living quietly at home painting and reading the papers and living a retired life. As everyone who knows me well has said “The time has come to get your golf handicap down,” and that is what I’m going to do, ha ha ha. Thank you very much for your time – all 26 years! Thank you for thinking of me. Very best wishes, Alfonso.
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Andbank España with new technologies Andbank has launched this summer an app to manage private banking investments, which integrates the broader market product offerings, investment recommendations and access to all customer positions. In addition, the new application allows carrying out any operation from a smartphone and knowing in real time market information. This launch falls within the strategy to stimulate innovation and the latest technology in the customer service field. This new app is the only application that provides the customer with all the details regarding investment funds (movements, returns and positions), and offers the opportunity to receive personalized notifications from your private banker.
Andbank España also has opened up a new content format, podcasts, to respond in real time in occasions when the news break in the market, movements and volatility shoot up, and investors need expert help to calibrate the impact of the news, how it might affect their investments, if decisions have to be taken immediately and what would be the right thing to do.
This new application has the most advanced technology in the field of usability. The access is by fingerprint and it includes an option to receive notifications on topics of interest as well as an adapted configuration to each user, which allows them to save selected operations in the favorite settings.
These analyses can be accessed in real time through the blog, Observatorio del Inversor, in Twitter with the hashtag #PodcastAndbank and in the Andbank profiles of the main social network sites.
The podcast format is increasingly widely used because it is a way of consuming contents that is fresh, fast and very accessible; it is no more than a short voice recording that can be accessed from a mobile phone, tablet or computer.
First inter-branch Paddle competition in Barcelona This sport, which is becoming increasingly popular, brought together a several of colleagues for this competition: Marta Filella, Raúl Martínez, Gerard Domingo, Alexis Bosch, Alex Maluquer, Jordi Meno, Jorge Moreno, Antoni Liébana, Daniel Prieto, Javier Vez, Carlos Vez, Albert Fort, Carlos Conde, Borja Giralt, Antoni García and Enric Pirretas. The championship was divided into two categories A and B, and was played over three Wednesdays in the paddle court of the Artós Sport Club. The winners of this first edition were Marta Filella, Jordi Meno, Borja Giralt and Albert Fort.
Andbank Barcelona has held the first Paddle championship among employees of its branches.
Jordi Meno said, “It was a very constructive experience. We had the opportunity to de networking in a relaxed atmosphere. We must definitely do it again”.
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Carlos Aso’s participation in the Expansion forum on Brexit “If there is a Brexit the consequences will be meaningful”. The Andbank Spain executive also pointed out that despite of the uncertainty, “They do not think that leaving the market is necessary, but they need to be cautious”. “There will be increases in the markets if there is no Brexit and the pound will be revalued. But if there is Brexit the dollar will be revalued and the pound will fall,” he predicted.
Carlos Aso, CEO of Andbank Spain, has participated in the event organized in June by EXPANSIÓN and The London School of Economics and Political Science in Madrid, which also involved the CEO of Invesco, Iñigo Escudero, the Spanish economy minister Luis de Guindos, and the politician Joaquin Almunia to discuss the future of the European Union. Carlos Aso, although he did not dare to predict that there will be no Brexit “because there are many uncertainties” he wanted to emphasize that the consequences of an exit of the UK from the EU are not related with the market. He said
“It is not the time to exit the market but to guard against what might happen, with means of protection such as the dollar or gold. I like the first one better because if there was a Brexit, the escape to the United States would most likely happen “ Although both speakers agreed that “the Brexit would have an economic impact on the euro area,” Carlos Aso added that Spain would fall just a few tenths while the British would drop several points: ““The exit of the UK from the EU would imply some points of the UK’s GDP, and few tenths in Spain too. British Foreign nationals account for 1% of the Spanish GDP, and there are companies that export to the UK that would lose competitiveness. It would only be tenths, but more important would be the political component of the questioning of the common project of Europe and that at an international level the investors will doubt about the project. “
Andbank Talents
During May and June Andorra Television broadcast the programme Andbank Talents. With a close and informal format they broadcast a series of seven interviews with well-known people in different fields. Representatives of the worlds of sport, science and culture spoke about their lives, experiences, challenges and fears.
Pedro García Aguado, Carles Capdevila and Joaquín “Purito” Rodríguez are some of the protagonists of this programme which captivated viewers every Wednesday after the news. If you want to see one of these interviews, go to www.andorradifusio.ad/Programes/talents.
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The Leon Conference was a success say, making wills, desires for the future, a part of the thorough planning that is done for assets, with the aim of preserving them, distributing them according to the owners’ wishes, and planning them so that the tax burden is as low as possible. All has to be done legally, which offers many possibilities that are not always known or used, most of all in the case of family companies, where in addition to the foregoing there must be added clear advice to separate the family assets from those of the business, and preserve the former from the vicissitudes of the latter.
In May the manager of Andbank in León, María Jesús Soto, together with her team of experts in investment and in financial and tax planning took part in a meeting with advice from Gabriel Crespo, an expert in wealth planning and a collaborator of Andbank. The meeting dealt with various topics: making wills as it is desired and not what the regulations presuppose. That is to
This universe of tax and financial equations, which are also emotional and practical for the families, was clearly analysed by Andbank in a conference at the Club de Prensa of Diario de León, which was not big enough for the large number of people from the city of León who extended the conference with enormous interest in knowing how wills can really be planned so that the survivors can enjoy intentions of the testators, and not suffer the problems that are often left by wills that are not planned in detail. This part of tax and financial planning is so important for Andbank that throughout May specific seminars were held in León in small groups in the Club de Bolsa, so that savers, whether or not they were clients, could receive advice.
Compliance meeting in Andbank Luxembourg of them were present in the event organised by Andbank Luxembourg. Manuel San Salvador (CEO) welcomed the Chief Compliance Officers of these institutions with an introduction to the Andbank group. After that, Andreas Schmitt, Chief Compliance Officer in Andbank Luxembourg introduced the speakers. The different speeches dealt with various aspects such as the new European Regulation on Data Protection, matters to do with tax compliance like CRS, FATCA and QI and inactive accounts among others.
On 13 July Andbank Luxembourg held a working session of the German-speaking group of Compliance Officers. This group works in parallel with the Luxembourg Association of Compliance Officers (ALCO). This association represents 53 different banks and financial services suppliers. Almost half
The attendees at the event valued very positively the different speeches that had been organised while specially mentioning the opportunity for networking and exchanging impressions with professionals in the matter. The meeting was an opportunity for different professionals from the financial sector to get to know Andbank Luxembourg.
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Andbank opens new workplaces in Spain Andbank has opened a new co-working space in Madrid for independent private bankers. The aim is to support professionals with private banking profiles who want to have a physical office to work in, fully joining in the bank’s processes and culture. Andbank has a network of 125 financial agents in Spain with wide experience in the sector, who manage a total of 3,200 million euros. With the opening of this office Andbank aims to fully integrate the network of agents into its main structure. This new office for financial agents also encourages networking, as they share the space with other professionals doing the same activity, with whom they can share experiences and analyse the new trends in the sector. The entity has also opened a office in Bilbao. Andbank Spain has moved its headquarters to Bilbao Iberdrola Tower to expand its delegation in the capital of Vizcaya and strengthen its presence in the Basque Country. Andbank has three offices in the Basque Country (Bilbao, San Sebastian and Vitoria), 23 employees, 7 financial agents and
one EAFI. At the moment, the company has more than 5,000 customers in this region and manages about 700 million euros.
Andbank España receives the Best Private Bank award The UK publication The Business Worldwide Magazine has awarded Andbank España the prize for the best private bank in Europe. BWM is a publication with international reach that has an online news portal. Its aim is to provide information about the
latest trends, business strategies, developments, etc. of the big multinational companies, leaders in their sectors. In awarding its annual prizes, BWM highlighted the important development of Andbank España in its four years of life, and how it has managed to position itself among the Top 10 in its sector.
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Opening of Sigma Andbank Group
On 17 May Sigma Andbank Group opened in Israel. Nearly 150 guests attended the event held in the Claro restaurant in Tel Aviv. In the presentation Manel Cerqueda, president of the Andbank Group, pointed out the importance of being present in Israel, both because of the concentration of wealth and for the country’s potential for growth. Professor Dan Gala, president of Sigma Andbank Group, highlighted
Manel Cerqueda, president of the Andbank Group, pointed out the importance of being present in Israel
the importance of the Andbank Group’s alliance with the Sigma Investment Boutique. Ricard Tubau, CEO of Andbank, introduced the Andbank Group and its characteristics, he explained what will be the strategy of Andbank in Israel. After the acquisition of the Israeli Investment Boutique Sigma, Andbank’s goal is to position Sigma Andbank Group as a leading entity, thanks to an innovative range of products and services, as well as its capacity for research and analysis. The Israeli private banking market is one of the most interesting as it is concentrate in a single city, Tel Aviv, the same number of HNWIs (High Net Worth Individuals) and UHNWIs (Ultra High Net Worth Individuals) as in all of Spain, a total of more than 400.000 million dollars according to the Israel 2014 Wealth Report.
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The Multi-Profile Management model completes three years by receiving the coveted Morningstar
The Multi-Profile Management model is unique to Andbank: it is the management of funds from third parties that has completed three years in a very good state of health. Because of that it has been included in the Morningstar Rating, which has rated 3 of the 5 profiles among the best of their category, with 5 stars in the aggressive profile and four in the dynamic and investment profiles. For the assignment of the stars, Morningstar takes into account objective criteria such as return/risk, commissions, as well as the consistencies of the management model compared with the other funds in its category. This has been the ecognition of an active management style in funds and a product philosophy based on the independence with which our annalists choose the best third-party funds among a universe of over 5,000 investment funds of 200 prestigious managers Through The Multi-Profile Management model any client, from the most conservative to the most adventurous, can find an investment solution in tailor-made funds as it consists of 5 profiles that meet every risk level. Moderato The aim of this profile is to obtain a very moderate return minimising the risk of loss of capital. In Andbank, the portfolio of this profile would be led by the managers Carmignac Gestión, followed by BGF, Pimco, DWS Investment, Pioneer and Henderson Global Investors. The return since the launch reaches 2%, maintaining a volatility of 0.72%.
Balanced Its aim is to beat inflation with a minimum level of risk. The balanced portfolio is led by Pimco GIS, followed by the managers Carmignac Gestión, MFS Investment Management, Invesco and Allianz Global Investment, among others. The return since launch is 4.5%, with a volatility of 3.38%. Investment (4 Morning Star stars) This profile seeks to achieve a certain return, being able to assume positive and negative variations in the evolution. Standing out is MFS Investment Management, followed by Allianz Global Investment, Pimco, Henderson Global Investors and DNCA Investments. The return since May 2013 has reached 10.5% with a volatility of 6.01%. Dynamic (4 Morning Star stars) The aim of this fund is to obtain a higher return assuming a certain level of volatility. In Andbank this portfolio is led by MFS Investment Management, followed by JP Morgan, Global Investment, Invesco and Henderson Global Investors. The return in these three years has exceeded 12.7% with a volatility during that period close to 9.20%. Aggressive (5 Morning Star stars) This aims to achieve very high returns assuming high volatilities. This portfolio is led by MFS Investment Management, along with Invesco, Henderson Global Investors, JPMorgan and Allianz Global Investment. The return since May 2013 has exceeded 17.7% with a volatility in this period of 13.61%.
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Interview with José Hugo Cintra and Nilton Breinis
José Hugo and Nilton head Andbank Brasil, captaining a ship that has been in Sao Paulo for four years. They both have degrees in business administration and management. Jose Hugo has been in Andbank for five years after joining Andbank with his company LLA Brasil. Nilton has completed a decade with Andbank leading strategy development for Andbank Brasil.
-What has been the track record and growth of Andbank in these two years that we have been in Brazil? Nilton: There’s no doubt, Andbank has had a record full of challenges, a lot of work, but also great success. We have managed to create values, to change people and achieve good results, in fact we have doubled in size.
José Hugo and Nilton head Andbank Brasil
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José Hugo: But it must be said that the country hasn’t helped us much. The economic and political situation that we have experienced hasn’t been easy.
will probably be growth in the team who make Andbank Brasil possible and we will have to have a presence in other strategic points of Brazil by opening new offices.
-What are the priorities now for Andbank Brasil? José Hugo: We are in a big transformation project, that affects both the staff and products and even technology, we want to improve the working systems. We want Andbank Brasil to be an important part in the Andbank Group and its global positioning. Nilton: Our goal is to be a unique bank, we want to mark our difference and become the pure Independent Private Banking in Brazil.
-The forecasts are that real GDP will fall in Brazil this year by a minimum of 3% and Brazil has suffered its worst crisis since 1901. It seems that the change of government will restore economic stability to the country, but how have the banks and the people lived through this situation? José Hugo: The biggest problem of these times has been a fixed interest rate of around 14%. Together with market volatility which meant that banks could work with good margins. Nilton: On the contrary, clients and businesses have suffered a lot. Now it seems that things are getting better. With the forced change of government, expectations have improved and the new economic team that is governing the country now will provide rapid solutions. We believe and we are sure that this crisis situation is starting to turn around.
-The Andbank group has presence in different jurisdictions. What would you say it is the characteristic that differentiates Andbank Brasil from the other jurisdictions? Nilton: In Brazil there are 200 million inhabitants, that is a characteristic that differentiates us from the other jurisdictions. The country is almost a continent, we have a lot of terrain to explore and grow. -Every country has its culture, its traditions, its way of seeing things, what would you say the Brazilian client looks for in a reliable bank? José Hugo: When we are talking about Private Banking we’re talking about trust, and trust is something that is only achieved by working day by day over time, etc. The good thing about it is that when trust is achieved, it becomes a long-term relationship. I would say that what a client is looking for now is trust. Nilton. Yes, and our strengths include having over 70 professionals trained for the challenge that we are facing, capable of covering global consultancy. We have a very speedy, open platform concerning decisions. -What do you see as the main challenges that Andbank Brasil will have to face in the forthcoming years? Nilton: I think it is fundamental to offer a good service that makes us stand out from our competitors. Our goal is a fivefold increase in the number of AUMs in the next five years. There
Is fundamental to offer a good service that makes us stand out from our competitors
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Andbank knowledge
ODP: Office Development Plan Andbank has set up an annual training plan for the team of Local Banking of Andorra. With the aim of joining the professionals during the changes of the business model that the Private Banking sector is undergoing, linked to the regulatory modifications and the new habits of clients who are increasingly demanding and more digital, Andbank has set up the annual program of the ODP (Office Development Plan), on this occasion designed specially for the team of Local Banking of Andbank Andorra. The ODP consists of six training actions held throughout the year. By means of the different actions under this plan, the professionals have strengthened not only their technical and financial knowledge but also their competencies such as client service and advice, operational management and commercial management. The program has combined face-to-face and online methodology through the Andbank Campus, with most of the actions being internal face-to-face sessions to promote Internal
Training by taking advantage of the knowledge of our expert collaborators in the different fields. On this occasion, we had the collaboration of Ramón Chesé Director of Taxation and Gerard Albà Chief Asset Management Andbank and his team. Who were responsible of transmittingof their knowledge as experts on the areas of Taxation and of Financial Markets and Products respectively. The purpose of this program is to make the most of the opportunities offered by internal training as a tool for managing knowledge, internal networking, identification of experts and retention of talent, as well as being a good way of achieving collaboration between people from different areas of the Bank. Without doubt, the future of Private Banking means generating among clients experiences of quality of overall service, expert advice, closeness and, above all, trust. That is the challenge that we face and for which the training of professionals, particularly linked to the business area, arises as a basic element.
Andbank works with Spanish universities In May this year Andbank collaborated for the first time, with the UPC (Universidad Politécnica de Catalunya) and the UAB (Universidad Autónoma de Barcelona), making a presentation from the bank to students on the Master course in financial mathematics with the final aim that they should participate in the Andbank Trainee Program.
The attendees were able to see at first hand what Andbank is like and how a family bank like ours works, and they were surprised to discover that it is a company that values talent and listens to the ideas and suggestions of its employees in order to evolve.
The attendees had the opportunity to find out about the different areas of Andbank and the projects that are under way. These students, 20 from UAB and 14 from UPC are the best trained in financial mathematics so the leading banks fight to attract them.
At the end of the presentation one student said: “The presentation was a clear, honest and, above all, encouraging. The Andbank project is exciting because it is a bank with a great record, which rewards excellence. I see a great opportunity to develop a long professional career where proactiveness and enterprise will be recognised “.
The participants in the Master course showed their interest in the Andbank Trainee Program presented by Mireia Carcole, Head of Human Resources Development. This program is a great opportunity for professional career development in a bank that offers great possibilities.
The director of the UPC pointed out that this first collaboration had been very positive and satisfactory for the opportunity that it gave the students to se their future in the professional world. He also remarked that this experience had brought to the attendees not only the bank, but the possibilities of professional development that Andbank offers.
Arnau Via, from Andbank Asset Management, dealt with the areas of interest and the projects being run in the departments such as: treasury, management or risk, areas where the students on the course saw opportunities to develop their professional careers.
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Newton Project: New program for Technological Transformation and Operation Following the process of modernisation and transformation that Andbank is going through, the definition and implementation of the technological and of global operations model it’s being developed. Newton is the name of the project for updating IT (Information Technology) and OPs (Operations), that came into being to renew the technologies of the Andbank Group and takes into account the constant evolution of the technological world. Pedro Cardona, Head of Development of the Newton project, states that “the goal is to renew the computer and operational systems of the Group, so that they meet the new regulatory demands of the market, as well as those of Andbank, guaranteeing constant suitability for Compliance�. That means it is not an exclusively technological project. Newton is a corporate project that will change work forms and processes to obtain the highest performance. The main drivers are: -Simplifying the work processes, making them more adaptable and automatic. - Allowing centralisation of the operational processes in hubs, taking into account the legal requirements of each jurisdiction, thus making it possible to increase efficiency. - Being able to outsource processes that are not core business. - Improving our relations with clients through an up grade of the available communication channels, website, mobile devices, etc., offering services that the competition does not have to mark the difference. The result of all that must be achieving the maximum flexibility to make the systems suitable for the business at all times. The goal is for each department (Treasury, Retail Banking, Asset Management, etc.) to work with the tools that best meet its needs. In this way we will be able to optimise the resources that we have and adapt them to the needs of our ever more demanding environment. The Newton project is divided into several stages: The first stage of the Newton project, or ASIS model, was an exhaustive study of the tools and systems with which
Andbank carries out its daily work. This study detected the needs, the weaknesses and the areas for improvement. At the end of this stage, which ran in summer 2015, a study was made of the technological and operational model that we should go to (TO BE). What do we want to be like ? At present we are in the third stage, which consists in planning the technological transformation project. To that end, an analysis has been made of the technological systems that exist on the market, analysing the functionalities of each of them and identifying the capacities they are offering now, and also the solutions that they can provide in the future. The Project Plan (PP) is also being developed to enable us to define the steps and the planning and costs to reach the TO BE model that we have set ourselves. For that, the PP has been structured in a number of work groups involving all the departments of the bank, to identify development to be carried out. When the PP is completed the project will be run and implemented in the different jurisdictions. The forecast is that Newton might be completed and fully operational in all jurisdictions in a period of 3 to 5 years. The most complex part will possibly be the implementation of Newton in Andorra. Newton is going to change the technological infrastructure of the bank and the way we do our everyday work. That will require an effort by everyone to adapt to the changes, but it will certainly result in a huge improvement that will bring positive results in the short and medium term.
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Retirement in 2035 or working for ever? Trends and reflections on the labour market and personal economics. Speaking about the future is always complicated, and even more so in a decade in which social, demographic and political changes are moving ever faster. We live in an aged Europe that is still being built, and certainly that is why it is slow in its decisions. A Europe that is trying to maintain its privileges in a very competitive market when change comes swiftly for workers, for companies, and also for states. A good example is the lowering of the UK’s credit rating just two days after Brexit! My God, what speed! The world now is not growing so fast, anyone as can be seen everywhere, and the competition is fierce.
Ivan Mora Llesuy Director Global product and distribution officer
In a very well-known demographic study, Jim Oeppen and James Vaupel say that half the people who are 60 now will live to be 90. For more information about how to live and work in the age of longevity, you can visit http://www.100yearlife.com/ the-challenge.
process of retirement is changing. Few of us will have total control over when and how our careers finish. Many workers will not retire at 65 or 68, but they will depend more and more on external factors. For the company: offers of early retirement, sideways movements abroad, downgrading, restructuring of staff, etc. are becoming increasingly common and this seems to be a tendency that has come to stay for a good while. For the worker: disappointment, fatigue, lack of opportunities, health problems, etc. will mean that many professionals will have to reinvent themselves or change pace when they reach the age of 50 or 55. At the same time, the age of “secure retirement” is coming to an end. Government provisions as well as companies’ pension plans are adapting to the new scenario. That means less money when we retire Another interesting factor to look at are the changes that are coming about in the employment market. The traditional
Will we feel too young to retire at 70? Will we be able to reinvent ourselves at the age of 60? Will we be lucky enough to be able to retire or will we have to incorporate some part-time activity to keep up living standards? These are some of the questions that many people are asking themselves.
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children. Fewer scholarships while university fees keep on rising. This outline that I have given you is very pragmatic, based on current trends. Even so, I am optimistic that by 2035, the scientists will have been able to create new sources of growth, or the sociologists will find a way to change society for the better. But if that were not to happen, a solution should be foreseen. Everybody knows what money’s for, don’t they? That’s right, it’s for spending. As financial analysts we try to explain how it works. One solution to this problem is to raise individual income. The simplest solution would be to invest in risky assets, preferably American and European stock markets. If you don’t want to complicate things, invest in a 20-year equity fund and compound interest and dividends will do the work for you. If you want to avoid risk, look for a moderate pension plan: systematically saving 5%-7% of monthly income will let you live much better in the future. All in all, with life expectancy of over 90 years, having a satisfactory retirement means creating sufficient capital during one’s working life, to top up the state aid, which will perhaps not be sufficient. My advice is to save every month and ask your banker to help you generate long-term income. My second tip is to light a candle to Our Lady of Meritxell for her to help us get out of this situation of economic stagnation.
I will try to answer the last of them. On one hand, the personal costs of health and retirement, and on the other those of education, are not only getting more expensive all the time but social welfare provisions by the state that help to limit expenditure will keep on falling. Demographic pressure, as well as the excessive state debt, is weighing down the health and security systems, which are cutting their services and reviewing their medium-term sustainability. The first thing is the reduction of retirement provisions: less money to live longer! The second is the progressively rising price of complementary health insurance. With the constant increase in the costs of more and more sophisticated treatment/operations, it is probable that in a few years healthcare will be one of the biggest headaches for every family, even more than the mortgage, as it already is in countries like the USA or Switzerland. One of the starting points that was to be dealt with at the 2016 Davos meeting is the destruction of more than 4 million jobs between now and 2020, as a result of robotisation. We seem to be entering a decade where skilled training will be an indispensable requirement for getting an opportunity in the labour market. The problem is that the cost of training is also rising both for the needs of one’s own education and also for higher education for
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Social events
Conference of the Pasqual Maragall Foundation On 13 April this year Andbank hosted the conference “A hope for Alzheimer’s” organised by the Pasqual Maragall Foundation. The conference took place in the framework of Foundation’s Claβ through which it organises open work sessions where experts on the disease meet with patients and family members to talk about new developments in the fight against Alzheimer’s and to share experiences and recommendations for dealing with the disease in the best possible way. This session was run by Cristina Maragall, spokesperson of the Pasqual Maragall Foundation, and its General Director Jordi Camí. Both explained that at present it is more viable to prevent this disease than to cure it. Dr. Camí said that the foundation is currently running a study with 3,000
volunteers for medical testing of people who run the risk of suffering the disease and finding a way to slow down its progress.
Andbank sponsors the 25th anniversary of the IQS School of Management The celebration day was opened up on 7 April and it began with a talk by Dr Santiago Niño Becerra followed by a round table led by IQS alumni, specialists in Asset management and finance, with the title “Where to invest in an increasingly uncertain world “.
IQS School of Management celebrated its 25th anniversary this year with a special programme of events that were sponsored by Andbank.
The participants in the round table were: Manel Cerqueda Díez, from Andbank (IQS ADE 2009); Pedro de Esteban, Managing Director, The Carlyle Group (IQS PhD 2000); David Levy, founder & CEO, Diverinvest (IQS ADE 1997); Antonio Renom, CEO, Levante Capital (IQS ADE 2000); Luis Seguí, managing partner, Miura Private Equity (IQS ADE 1995) and Alberto Valls, partner of Deloitte Corporate Finance (IQS ADE 1995).
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Talk on Learning to Educate
The media Olympic sportsman Pedro García Aguado and Francisco Castaño led a conference in Andorra in May this year on education. With the title “Learning to educate. Practical cases” Aguado and Castaño talked about the importance of over-protection as the main mistake that parents make, as well as fear of refusing to let their children have things. Aguado pointed out that “Both mistakes turn children into potential tyrants.”
Francisco Castaño highlighted the fact that many children are looked after by their grandparents because of the hours that their parents work, and this means that their upbringing is delegated to the grandparents at a time when parental action is basic. After the conference the attendees had the opportunity to talk with the speakers and exchange opinions, as well as obtain a book with a dedication by the authors.
How do children’s brains work? In May Andbank held the talk: How do children’s brains work? given by the well-known Dr. Jordi Catalán, a member of the Medical Institute of childhood development.
About 170 people attended the talk in which Dr. Catalán analysed the main causes that can affect children’s learning such as ADHD, sight and hearing disorders, and laterality or motivation problems.
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10th Edition Fero Grant and charity dinner 2016 The grant, worth €70,000 for the best project of those presented by young scientists and oncologists, was awarded this year to Dr Beatriz Morancho of the Oncology Institute of the Vall d’Hebron Hospital in Barcelona. Doctor Morancho is a researcher in cancer, and cell and molecular biologist, and works from the laboratory of Dr Joaquín Arribas in the Vall d’Hebron Oncology Institute, with his immunotherapy project to treat breast and colorectal cancer.
In May the Catalan National Art Museum hosted the 10th edition of the Fero Grant for oncological research. Andbank has collaborated with this Oncological Research Foundation for a number of years.
Immunotherapy is a kind of biological therapy designed to stimulate the body’s natural defences with the goal of fighting cancer. It uses materials produced by the body itself or made in a laboratory to improve, identify or restore the function of the immune system. This therapy will help to stop or slow down the growth of the carcinogenic cells and strengthen the immunological system so that it can work better.
Andbank and Save the Children join forces in a project against childhood poverty in Valencia presentation of the agreement he led the training of over 30 children who form part of the NGO’s programmes to fight against childhood poverty. Rodrigo Hernández, head of Save the Children in the Valencian Community says, “It is very important for companies that have a presence in Valencia to involve themselves in projects of this kind so that we can go on running programmes that help us to guarantee the rights of children in the long term”. Andbank and the NGO Save the Children have signed a collaboration agreement with the aim of setting up a new centre for children at risk of social exclusion in Valencia’s l’Olivereta district. This project has the support of footballer Víctor Camarasa, who plays for Levante UD and the Spanish under-21 team. During the
Vicente Gil, director of Andbank in Valencia, affirms that “With this agreement we want to help to build a better future for Valencian children who are at risk of social exclusion, so that they can study in the same conditions as their peers and find jobs that will let them develop in society”.
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Great role for Andorra at the Kazakhstan World Championship The women’s and men’s teams, sponsored by Andbank, finished in 12th and 13th position respectively.
match against France, which finally was victorious in this championship.
The Andorran basketball U18 3x3 teams returned from the Kazakhstan World Championship with a good result in the bag after trying their strength with the world’s 20 best countries in this discipline.
Andbank has signed a collaboration agreement with the Andorran Basketball Federation (FAB) to support its 3x3 project. This modality is an adaptation of classic basketball, inspired in the basketball that is played in the streets and which has attained popularity in recent years.
The men’s team finished in 13th place with a victory and three defeats. The historical victory was over China with a clear 21 to 13. The women took 12th position with a balance of two victories and two defeats. The Andorrans fought out a great
This year the FAB started running a successful schools’ 3x3 project with the aim of promoting the sport among youngsters.
Art in Madrid The Project HC gallery of contemporary art has opened its doors in Madrid with the support of Andbank, and it did so with a very special guest, who once again brings all his art to Spain after travelling round the world with exhibitions of ever greater renown like the one a couple of years ago in the Saatchi Gallery in London. We are talking about Xavier Mascaró, a Spanish sculptor (though he was born in Paris in 1965) recognised internationally for his works in iron, the great protagonist of his sculptured groups. Now, he comes to Madrid with an individual show of his latest works, brought together in “Talismán”, which can be visited in the Project HC gallery (Velázquez, 80) until 20 June. Andbank clients were able to enjoy a unique and unrepeatable experience, as the artist himself guided them round the exhibition. It was an opportunity to discover at first hand the work of a sculptor who likes telling stories, generating illusions, creating a scenography in which the actor is the viewer himself: a dialogue between sculptures and the public.
Mascaró, a graduate in Fine Arts from the University of Barcelona, moved to New York in 2004, where he began experimenting with works in different materials, leaded glass, resin and stone. Currently he works in his studios in Madrid and Mexico DF.
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2016 Andbank Golf Tournament
The 2016 Andbank Golf Tournament, which is its 16th edition, is being played this year in nine local competitions located in different places around Spain. Technically speaking, there are the lower and upper categories, limited to handicaps of 26.4 for men and 36.4 for women. The competitions use the Stableford individual system, with shotgun start. There are prizes for the approach and the longest drive in the men’s and women’s categories. The prizes in each competition are awarded to the first, second and third in each (lower and upper) and to the first in the scratch category.
Franklin Templeton, Invesco, Deutsche Asset Management and Vontobel. The schedule for this year is: Club de Golf Terramar, Sitges – 14 March Real Club de Golf de Cerdaña – 16 April Real Club de Golf El Prat, Barcelona – 27 May Club de Golf de León, León – 18 June Real Club de Golf La Herrería, Madrid – first competition 22 June / second competition 30 June Club de Golf La Galiana, Valencia – 16 September Real Golf Club San Sebastián, San Sebastián – 23 September Club de Golf La Peñaza, Zaragoza – 4 October
Once again we have the collaboration of several asset managers participating with us in the prestige of the Andbank tournament. They are: GAM, Carmignac Gestión,
Official presentation of the second Purito Andbank It’s time for the second edition of La Purito Andorra - Gran Premi Andbank. This year the number of places has doubled, with up to 2,000 participants having the chance to join in this unique experience: a cycle-tourism ride alongside the greats of cycling and the world of sport. Some names have already confirmed their presence at the starting line on 14 August. There will be Claudio Chiappucci, one of the most important climbers in cycling history and also a great rival of Indurain, and Joseba Beloki another great cyclist.
Some top people from the motor worlds will also be present, like last year, with Toni Bou, Dani Juncadella, Nani Roma, Roberto Merhi and Carles Checa. All will take part in the 145km ride, 5,200 metres of climbing and six mountain passes. More information about La Purito on www.lapurito.com
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Andbank Panama with the Kiwanis Club The traditional charity race/walk has reached its 32nd edition. This very well known sporting activity within a long tradition in the Republic of Panama, took place on Sunday 17 July. This year too, Andbank Panama signed a collaboration agreement to be a Platinum sponsor of this event. The traditional KIWANIS 2016 race/walk brought together a large number of participants. In the latest edition, more than 800 participants were on the starting line. The Kiwanis Club of Panama has done a lot of outstanding, hard, positive work to benefit people most in need, principally children, since 1967. The registration fee is 20 dollars and all the funds that are collected go principally strengthening the different projects
that the Kiwanis Club runs actively all year round, focusing on giving social assistance to people in need or with scanty resources, and also to give children and young people the opportunity to learn and practise sports.
Benefit golf tournament sponsored by Andbank Luxembourg On Saturday 18 June the first golf tournament was held by the Spanish community in Luxembourg in favour of the Spanish Stand in the Luxembourg International Bazaar. The event was sponsored by Andbank Luxembourg together with Crédit Agricole Indosuez, Banque de Patrimoines Privés, and Lux Hotels. The tournament, held in the Christnach Golf and Country Club, had the participation of 45 players, and was followed by a barbecue attended by more than 100 members of the Spanish community in Luxembourg. This was the first tournament that this community has held in Luxembourg. The first to qualify in the tournament was Manuel San Salvador, CEO of Andbank Luxembourg, with 36 Stableford points. Later he gave the prizes for the runner-up and longest drive to Luis Cavero CEO of AllFunds International, and the third prize to María Marquez, Spanish Ambassador in Luxembourg.
The Luxembourg International Bazaar is a fair that is held every year in the Luxexpo with the participation of different countries selling typical food and other articles from each country, with the money going to various NGOs proposed by the organising committee. In the 2015 edition more than 600,000 was distributed among 98 NGOs throughout Europe.
The first golf tournament was held by the Spanish community in Luxembourg
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Andbank with the Rotary Club of Andorra Andbank has given the Rotary Club of Andorra the contribution from the Visa Platinum Rotary Club for 2015, which was a total of €1,609. During the same event the association “Hi arribarem“ was given a cheque €3,900. This not for profit organisation works to provide facilities for disabled people to enjoy nature by providing access with special chairs adapted to the mountains or snow. The money was given during the traditional dinner for the new president. The new president of the Andorra Rotary Club is Carlos Magdaleno, who takes over from Yves Thiers.
Benefit dinner in favour of Caritas In June there was the 3rd benefit dinner-auction organised by La Capsa, the art school in La Massana and Ordino. The event, which was sponsored by Andbank, was held in the restaurant of the Hotel Coma. During the dinner, attended by 50 people, an auction was held of the works presented by over 25 artists. The reserve prices varied between 100 and 3,000 euros. This year again well-known artists from the country such as Ashmed Keshta, Alfons Valdés, Rosa Mujal and Eve Ariza donated their works for beneficial purposes, since 50% of the proceeds went to Cáritas. The purpose of this beneficial action was to raise funds for the Caritas clothes project, which offers job opportunities to people with difficulties, through its clothes distribution. The goal is to improve the process of collecting and selecting the material that they receive.
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FIBA 3x3 European Championship Qualifier At the 3x3 pre-European basketball held in Andorra in June, a Dunk Contest was organised with a very high level, a Slam Dunk Contest where the spectacular play is a great attraction. The event, sponsored by Andbank, featured for of the greatest dunkers of the times. Finally, the Pole Arek “Aro” Pryybylski won out over the Spaniard Borja Molinello, the Italian Marco Favretto and the Lithuanian Renars Bulduris. A great event that filled the court with spectators and that will possibly be repeated next year.
The event featured for of the greatest dunkers of the times
Golf beginners’ courses for children Andbank collaborates with the Golf beginners’ course for children that is held in June in La Cortinada, Andorra.
Cortinada, every Saturday morning for a month, and ended with a small friendly tournament.
A total of 25 children aged between 6 and 12, took part in this first edition of golf for children.
The first course was intended for primary school pupils from the schools in La Massana and Ordino, although in future editions it will be extended to the other schools in the country.
The aim is for them to discover this sport and enjoy nature while they learn the techniques and rules of this complete sport. The courses took place in the Ordino Pitch & Putt track, in La
The programme, which has no cost for the participants, includes coaching, material, and bus transport for those who need it.
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Interesting people
Cristina Maragall
Cristina Maragall, spokesperson and daughter of the founder of the Pasqual Maragall Foundation. This foundation for research into Alzheimer’s disease was set up in April 2008, following the public commitment made by Pasqual Maragall, former mayor of Barcelona and former first minister of Catalonia, after he was diagnosed with Alzheimer’s. The Foundation’s projects, the new research centre and how families live with the disease were the topics of our talk with Cristina Maragall. First of all, we must ask you how your father is. We think that we have been lucky because in my father’s case the disease has evolved slowly. He is not following any different treatment than of her pacients from the medical point of view than other but he still maintains activity and the stimulation. We think that these activities are positive for slowing down the advance of the disease.
Speaking about stimulation, in the documentary “Bicicleta, cuchara, manzana” we discover about your father’s great passion for music. Yes, music is still one of his great loves. Though there is no scientific proof that it is a cure, we know that listening to it makes people with Alzheimer’s happy because it is something that reconnects them very easily with their memories. In my father’s case, music is very useful for us because at certain times peaceful music can help him to relax, or a livelier piece can cheer him up if he’s a bit sad For example. He’s also very fond of walking and dancing, so he is still physically active, and that is very good for him. As we said, music and dancing are not cures for the disease, but they are resources to make life easier. Looking at the Foundation, what is its goal? The foundation’s great goal is finding solutions for the disease;
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The foundation’s great goal is finding solutions for the disease
in our case, we are looking into prevention. But we must not forget that there are so many cases of people with Alzheimer’s that something has to be done while the research is taking place, because it is a long-term lottery this doesn’t only depend on us. Many people have to work together all over the world for the research to make headway. Is caring for the carer key in a disease like Alzheimer’s, which can last a long time? Yes, because the welfare of the patient depends on the welfare of the carers. These people are under great emotional strain and often suffer psychological and health problems such as depression, anxiety or a feeling of being overwhelmed. For this reason we are setting up therapeutic groups to improve their quality of life, sharing their experiences and emotions in a group, teaching them to take care of the patient and to care for themselves as well. Prevention is another aspect that you are working on. Yes, because we know that the damage Alzheimer’s causes in the brain could have started silently 20 years before the first symptoms appear. We need to act early, to study what happens in the brain years before the disease develops, and our goal is to take action, before it is to late and the damage has become irreversible. And what does Alfa Study consist of? It is a long-term study with the participation of 2,700 healthy volunteers who will undergo tests every three years for the rest of their lives: neurological, clinical, neuroimaging (magnetic resonance, PET). The aim is to have a source of data and to know what are the parameters that make the disease develop. In fact, it’s the largest study worldwide that is collecting data about Alzheimer’s. Also, all this data allows us to take part in international research in co-operation with other centres. This is the case of EPAD, a study that is being run in 35 European centres, of which we are joint leaders. How many cases of Alzheimer’s are recorded in Spain? There is a difficulty here because neither Catalonia nor Spain has a national Alzheimer’s plan so there are no protocols for diagnosis and every doctor decides what to do once the
patient has been diagnosed. These diagnoses often come late and are not properly oriented to the families, who have to move quickly. The lack of this national plan also means that we don’t have a census, there’s simply a proportion depending on the age of the population and this is compared with other countries to – more or less – make an estimate of the cases that we have. The figures we work with are that in Catalonia there are more than 110,000 cases and between 500,000 and 800,000 in Spain. All this is an exponential increase resulting from the age of the population. In fact, it is calculated that by 2050 the current figure of people with Alzheimer’s could triple, and that shows that we are facing a very serious disease. The Pasqual Maragall Foundation will have a new centre in 2016, in calle Wellington in Barcelona, a 4,000-square-metre building which it will occupy gradually. The centre will have its own laboratories and a unit for running clinical trials, as well as a section for psychotherapeutic care of the carers, dealing specially with people who have been recently diagnosed “We will have a machine to do specific magnetic resonance and we will be able to use the results for scientific goals, which will be a great step forward”, Cristina Maragall adds.
We need to act early, to study what happens in the brain years before the disease develops,
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New employees
Adrián Jáuregui Beraza Position: Head of Andbank Assegurances Office: Andorra
Ivan López Llauradó Position: Chief Compliance Officer | Office: Andorra
Graduate in Economics and Business Studies, and Insurance Actuary from the University of the Basque Country. Worked as Commercial Manager and Actuary in AXA España until 2001, when he came to Andorra to work as Technical Manager and later as General Manager in MORA ASSEGURANCES.
Graduate in Economics and Business Studies, ACAM Certificate, CRCM Certificate from the American Bankers Association (ABA) and Master in Lending and Deposit Compliance in FIS, Orlando, Florida. Has worked in compliance and AML for 14 years, basically in the United States and Latin America. He comes from the Sabadell group where he was the bank’s Head of Regulatory Compliance.
Angel Sanz
Marcelino Blanco
Position: Vice president | Office: Bahamas
Position: Director of wealth planning | Office: España
Graduate in Business Studies from the University of Zaragoza and MBA from ESADE Business School. He is backed by 17 years of professional experience. Before joining Andbank Bahamas, he worked in the consultancy area of Deloitte and Touche, and after that in Private Banking and Assets Management in Banco Santander and in BSI Bank, having developed his professional career in Switzerland and Panama.
He comes from Mirabaud & CIE, where until now he occupied the post of manager of the department of asset consultancy and legal affairs. He has 24 years of experience in the field of wealth and legal planning and consultancy, as well as in private banking and asset management. He has a degree in Economics, specialising in Monetary and Public Sector Economics from the CEU Luis Vives University and the Complutense University of Madrid, and a Master in Tax Consultancy from the Instituto de Empresa.
Jose Manuel Iñarrea
Fernando Oteo
Position: Manager of Andbank in Bilbao Office: España Has 23 years of experience in the field of private banking and asset management, where he spent a large part of his professional career, holding posts of responsibility in different entities such as Catalunya Caixa, Banco Guipuzcoano and Banco Popular. He has a degree in Economics and Business studies from the University of the Basque Country and has a Certificate in financial consultancy from ESADE.
Position: Private banking manager Logroño Office: España
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Graduate in Economics and Business Studies from the University of Zaragoza, specialising in Finance, and has a Diploma in Business Studies from the Escuela Universitaria de Estudios Empresariales in Bilbao. He has 18 years of experience in private banking and asset management and has been a Manager of Banco Espíritu Santo in La Rioja, among others.
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Andbank territories
Miami
Miami is a US city located in south-eastern Florida. It was founded on 28 July 1896 and according to the 2014 census it has a population of 417,650; its metropolitan area includes over 5.4 million inhabitants, making it the seventh-largest in the United States. Its privileged location makes it a tourist destination with a pleasantly warm climate all year round. With an average annual temperature of 24 degrees, Miami’s beaches are full of people most of the year. It is considered a city of global importance in finance, business, the media, entertainment, the arts and international commerce. It has the head offices of many companies, banks and television studios. It is also an international centre of popular entertainment in television, music, fashion, cinema and scenic arts. The port of Miami is considered to have the greatest volume of cruise ships in the world and is also the home port of various cruise shipping lines. Moreover, the city has the greatest concentration of international banks in all the United States. Because it is close to Latin America, Miami acts as the base for Latin American operations for more than 1,400 multinationals like AIG, American Airlines, Cisco, Disney, Exxon, FedEx, Kraft Foods, Microsoft, Oracle, SBC Communications, Sony and Visa International. Two of the fundamental economic enclaves in the economic motor of Miami are Miami International Airport and the Port
of Miami. The city’s customs service handles 40% of US exports to Latin America and the Caribbean. The most frequent main destinations of these exports are Brazil, Colombia, Venezuela, the Dominican Republic and Argentina. The city centre has the highest concentration of international banks in the country (more than 100), located in Brickell, Miami’s financial district. This district consists of six blocks of buildings housing head offices and corporate headquarters.
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Restaurants in Miami
OLA MIAMI
MEAT MARKET
Without doubt, this is one of the best restaurants in Miami, with complex flavours and imagination on its plates. The Chefs Christopher Camacho and Carlos Castro succeed in bringing the essential flavours of Latin America and giving them their greatest expression.
An enormous restaurant for lovers of good food. Located in the heart of Lincoln Road District, it has become a base for travellers. Here one can enjoy all kinds of gourmet meat, with a special menu for vegetarian companions. In an atmosphere of the highest sophistication with spectacular design, the chef Sean Brasel manages to make a dinner into an unforgettable event.
www.olamiami.com
It is located in the luxurious Sanctuary Hotel, 1745 James Ave, Miami Beach.
LA SANDWICHERIE www.lasandwicherie.com
A classic for a fast meal while you visit the city. A benchmark for delicious food without pretensions. Here you can choose among an endless variety of sandwiches, fresh ingredients for the best salads and wider range of smoothies.
http://meatmarketmiamipr.com
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People Platform
The People Platform is the result of an initiative of the Andbank Group’s Strategic Plan that seeks to offer all employees the best available tools. This platform runs under the format of an intranet.
This platform is landing in the different jurisdictions; so far it is available in Andorra, Bahamas, Panama and Uruguay, and it will be progressively implemented in the other jurisdictions.
It is the outcome of the constant evolution and internationalisation of Andbank, and we have a new space called “People Platform”, with all the information referring to Andbank: its performance, its portfolio of products, Alex Fusté’s opinion articles, job offers from Andbank in different jurisdictions, contact with our collaborators etc.
Through the communities, the competitions, prize draws and other attractions good participation and interaction is achieved among users.
This platform aims at reinforcins the bounds among our colleagues, a place where we can get to know each other a bit better.
To date we have had a successful drawing competition for employees’ children, the selfies competition, and the photography competition for mothers day.
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August 2016. Nยบ. 7