World April 2017. N.º 9
Andbank Internal Newsletter
Editorial Ricard Tubau
“The only easy day was yesterday” Andbank News
4
Interesting People
31
6
New Employees
33
Territories Andbank
34
Andbank Knowledge
20
People Platform
37
Social Events
21
2
Revista Trimestral del Grupo Andbank Mayo 2014. N.ยบ 3
World
World
3
Contents 01
Editorial Ricard Tubau
02 4
04 21
31
People Platform
New Employees New faces in the group
08 01 34
20
06 02
Eugenia Bieto Interview
07 03
Sao Paulo
Interesting People
Andbank Knowledge What is a SOCIMI?
05 01
Conferences | Events | Collaborations Others
Andbank Territories
6
Carlos Aso Interview | News | IPB Summit
CEO Andbank
Social Events
Andbank News
03
37
33
World
4
01
Editorial
Dear colleagues: This is a year full of new challenges to meet but, as we said in the last corporative dinner “The only easy day was yesterday”. We will have to give our all to stand out in an even more competitive environment. The first few months of the year took off strongly, putting total AUMs above €22,400M and accumulated profit above €5.8M, higher than the budgeted €5M. Every day, technology plays a greater role in the world of private banking, and every day, clients demand greater connectivity with their manager. Plus we have two new players in the sector: fintechs and robo-advisors. According to a study by the consultancy Axis Corporate and the European Banking Association EFMA, fintechs are occupying the most profitable services in traditional banking, investing 73% of the capital into developing personal banking services and SMEs. In Andbank we do not want to be left behind, that’s why we invest in our technological system and investment solutions. Alongside the constant updating that we are carrying out at a technological level, we continue our mission of solidarity. In all jurisdictions, Andbank shows its support at the most notable socially responsible events. From the charity race organised in Bahamas to the rally in Morocco or the screening of the film “The healer”, which collected about 2 million euros for the foundation Serious Fun Children’s Network”. Organising conferences is also an important line of work. In Brazil, Spain, Andorra or Bahamas, different debates on a variety of topics have been organised, notably the session in Bahamas which attracted more than 2,000 spectators to hear the first-hand testimony of Eva Schloss, Anne Frank’s stepsister and best friend. On a more economic front, the 2017 strategic vision conferences organised in Spain are always a success. Not only Madrid but also Barcelona, Burgos, San Sebastián and
Pamplona were a resounding success and the other capitals are expected to have the same result. From these lines, I want to give a warm welcome to the coworkers who have joined us in the last quarter. Especially Antonio Castro, our new Deputy CEO of corporate services. I would also like to thank Jose Luís Muñoz, on behalf of the whole group and myself, for his commitment to the Bank, as well as his dedication and effort during his more than 20 years of dedication to the group. As you can see, Andbank never rests, we are active in all jurisdictions where we have a presence and have set a very high goalpost so that we continue to evolve upwards. We depend on you all for this, you are the protagonists of our constant progress and we need to continue working hard to meet our goals.
Ricard Tubau CEO Andbank
World
5
World
6
02
Andbank News
Interview with Carlos Aso Chief executive officer in Spain
In May, Andbank will have been in Spain for five years. What is your impression? Very positive. We have situated ourselves in record time among the 10 largest entities in the sector in Spain. We managed this firstly by incorporating bankers with broad experience in this sector and then by acquiring the private and personal banking business from Inversis. What has the absorption of Inversis meant for Andbank? Firstly, it gave us a presence in 24 provinces of Spain, a team of professionals with great talent and the strongest technological platform in the national private banking sector. Clearly, Inversis also provided size and economies of scale. Has the integration been finalised? Yes. It has been a long process because we had to carry out virtual microsurgery, so to speak, to divide Inversis into two: the institutional activities kept by Banca March and the rest for us. This operation was key because it enabled us to situate ourselves among the top 10 private banks in Spain and gives us the potential to continue to grow over the next few years. One of Andbank’s slogans is doing private banking in a different way. How is it different and from whom? Firstly, we are specialists. We do nothing else and are not at the service of other banking areas. Secondly, we have no conflict of interest. Unlike other entities, we are not dedicated to placing out products with the client, but we advise him on the infinite universe of third-party products. We also look for assets that are not related to the stock exchange, such as the property sector. Moreover, we provide tax planning, inheritance advice and corporate services.
That’s all very well, but there are many other entities in the sector who also claim to be specialist and independent. So, why would a customer choose Andbank rather than a competitor? Private banking committed the mistake of thinking about what was best for themselves rather than the client for many years. Our philosophy is totally different, we are
dedicated to savers. Also, at 43%, we have the highest solvency ratio in Spain. Another aspect in our favour is that our team has more than 20 years’ experience and loves their profession. Lastly, we have a cutting-edge platform that allows anyone operating with us to access from different systems (computer, mobile or tablet).
Ours is a business based on persons and trust, so the threat of digitalisation will come later Do you think the market is big enough for as many private banking entities as currently exist in Spain? Yes, because the trend towards specialisation will increase in the next few years. There is a lot of money on deposit which receives no returns and clients are starting to realise that maybe it is not the best option to have the same bank that provides your mortgage or business loans managing your assets.
World
Andbank is an Andorran entity. How far is the image of banks from this country damaged by scandals such as that of Banco Madrid? This matter has been totally settled. It was an isolated case and the fact that an international investor took over the good business of the bank generates full confidence in the market. The incident was resolved successfully and as I insist, it was an isolated case. Do you think that private banking will be as affected as commercial banking by digitalisation and the appearance of new competitors? Ours is a business based on persons and trust, so the threat of digitalisation will come later. Moreover, the average age of clients in our sector is 60, so they are not as keen on Fintechs. Is there any bottom limit for accepting clients in private banking? We are looking for a typical client with a million euros, but we have no limit for opening an account with us. Up to 200,000 we give access to our digital channel; above this amount we assign a banker for personal relations, and above one million euros we offer added value services, such as personalised portfolio management, financial or tax planning, and access to products unrelated to the market.
7
In the next two or three years we expect to double our profits and a crux in this growth will be the incorporation of financial agents You manage many SICAVs (open-ended investment fund with variable capital). Do you think that the Government will modify its legislation and tax system to make these vehicles less attractive to high net worth individuals? It would appear so. The various parties had proposals in their programmes to modify the tax system. Until we know the small writing in these changes we are not being proactive with our clients to recommend any decision. It is better not to be hasty, but we believe that SICAVs’ days may be numbered. At the end of 2015, Andbank Spain had 7,800 million euros in assets under management, with income of 42 million and profits of 4.4 million. How do you hope to end 2016 and what are your forecasts for growth? This year we expect double-digit growth in profits before tax, while the net result will be very similar and slightly lower than what was obtained in 2015 for tax reasons. In the next two or three years we expect to double our profits and a crux in this growth will be the incorporation of financial agents. There are many professionals who leave their entities to work independently and we have the best platform to protect them. Thanks to them we expect to increase assets by 1,000 million over the next two years. Do you dismiss the idea of growth through more acquisitions? We don’t dismiss this option but for the time being we have seen nothing of interest.
World
8
Inauguration of the new Andbank offices in Luxembourg another step forward. It strengthened its control functions in order to develop the local private banking team, preparing it to take over the group’s asset management activities. Manuel San Salvador, former-CEO of Banco Urquijo and Managing Director of Lazard Wealth Management in Spain, joined the Group as Managing Director of Andbank Luxembourg in January 2015 and introduced a team of experienced bankers and investment managers to cover the Portuguese, Italian and Spanish markets. Last January, Andbank Luxembourg opened its new installations in Rue Jean Monnet, 4. Andbank received its banking licence in Luxembourg seven years ago and is now entering the second phase of its development plan in Luxembourg. “These new installations in Luxembourg are proof of our long-term commitment to the country”, commented Manuel Cerqueda Donadeu at the opening. “Luxembourg is becoming an important element in Andbank’s international strategy of expansion and growth.” In 2009, the Group chose Luxembourg as the ideal place to create a centre for its private banking clients, chiefly in Spain and Latin America, and also as a depositary bank for clients’ investment vehicles and third-party funds.
“Luxembourg is a member of the European Union, providing a solid and stable, legal and regulatory framework, which offers efficient solutions for the management of financial assets, tax planning and inheritance planning, as well as asset protection for High Net Worth and Ultra High Net Worth, segments which are Andbank’s principal focus. Luxembourg is also a well-respected country among the international community in Europe and Latin America, Andbank’s key markets”, declares San Salvador. “It is a country with highlyqualified professionals where it is easy to attract the best talent, one of Andbank’s priorities.”
Having achieved these objectives, especially in the field of asset management, in 2014 the Group decided to take
The most comprehensive private banking app for mobile devices Andbank España has launched the most comprehensive private banking app, with access to more than 5,000 investment funds, 1,000 ETFs and 4,000 stocks in twenty markets, the app with the most extensive investment operating system for mobile or tablet. This innovation has emerged because investors want to be permanently connected and able to operate from anywhere, with real-time information and exclusive analysis. The app
comprises an extensive supply of products on the market, investment recommendations and access to all the client’s positions, configured individually for each user and enabling them to keep the stock they want to follow in favourites. In this way, Andbank is achieving its objective of adapting to new technologies and making them available to the user.
World
9
Standard & Poor’s maintain the BBB-/A-3 rating with a stable outlook for Andorra The analysis of the national economy and future prospects made by Standard & Poor’s is positive “due to the Government’s commitment to reform agendas, the expectation of gradual economic recovery and the stabilisation of the financial system once the resolution of the Banca Privada d’Andorra case has been successfully ended”. S&P says that the entry into force of information exchange “is a positive step forward in the convergence of Andorran legislation with international practices and assists the negotiations which the Principality is holding with the European Union for an association agreement”. In this regard, it adds that this year the Andorran financial institutions have adopted the European accounting standards, which will bring in much more “transparency and may be compared to those of entities in other European countries.” The assessor considers positive “the efforts towards closer cooperation with the International Monetary Fund (IMF) so that these initiatives can improve the country’s capacity to avoid future financial crises.” Standard & Poor’s sees growth in Andorra in 2016 as “moderate”, with a nominal increase in the gross national product of 1.8%, which would be 1% in real terms (the difference in both figures is based on the fact that real GDP does not take into account price variations in one year – inflation – but fixes a constant price without change). Growth “is the result of the stabilisation of the financial system coinciding with the recovery in Andorra’s key partners, especially Spain”. They foresee an improvement “through opening up to foreign investment with an increase in opening up business”. The analysis augurs a “gradual” recovery in the economy in the period from 2017 to 2020 with growth of around 2.2% in nominal GDP, being 1.2% in real GDP. S&P wishes to clarify that “there is no evidence that the BPA case damaged the other banks in the Andorran financial system”, although they do indicate that convergence of the rules of the game (tax information exchange) with international ones implies “a challenge to financial sector competitiveness in the mid-term.”
With regards to the bank, S&P comments that among the entities and subsidiaries outside there are some 46.5 billion euros under management, representing 18 times more than Andorra’s GDP. And the sector is equal to 20% of the GDP. These factors make Andorra vulnerable to “potential turbulence in this sector” because S&P considers that the Andorran Government is, for the banks, “de facto the ultimate financial barrier”. This may have a direct effect on sovereignty given the impact which the problems in the financial sector would have on the state balance sheet. S&P sets the annual per capita GDP at 36,700 dollars at the end of 2016. The assessor warns, however, about the vulnerabilities in the economy “due to the concentration on financial services and tourism, and also its dependence on its commercial partners, France and Spain”. It adds that the ratings are founded on the stability of the country’s institutions.
World
10
Recommended women advisers In recent years, the manner in which we are informed and updated has changed. With social networks we can keep up-todate almost instantaneously. These social networks have created the figure of “influencers”, people who are active on social networks and by gathering followers become opinion creators. Many would hate to miss their tweets or comments. Recently, a publication highlighted which 50 business women and executives to follow on the net and María Muñoz (@ mariadelamiel) is one of them. With more than 30,000 followers on Twitter and more than 65,000 tweets, María is undoubtedly one of the references to follow in Twitter. Congratulations María!
Andbank España allies itself with the CISI and the Financial Institute IFA to train its bankers and network of agents Andbank España has signed an agreement with the Chartered Institute for Securities and Investment (CISI) and the Financial Institute IFA, for both entities to certify the training in Financial Advice and Advanced Wealth Management of all the private bankers in the entity, and also its extensive network of agents. A high percentage of the entity’s private bankers and agents already hold a certificate proving their qualified training. This continuous training programme, to be extended throughout 2017, will allow for all Andbank professionals to be qualified, complying with the qualification requirements of the new community directive MiFID II, which will come into force in January 2018. CISI is a “certifier” originating in Britain, acknowledged by 41 professional regulators and institutions from 32 countries.
Andbank has backed training and the professionalisation of its employees for years. In the photo: Andbank employees CEFA graduates in February 2017.
World
11
Golf tournament in Panama Last February, the 19th edition of the Panama banks golf trophy was held, with more than 130 participants from the Panamanian financial industry. The tournament, organised by the Panama Banking Association, was held at the exclusive Panama Golf Club on 10 February 2017. The Andbank team, formed by Jean Claude de Roche, Hans Tobler and Ricardo Gonzalez Alfano won second prize with a score of 57.5.
Fitch Ratings raises Andorra’s outlook to positive due to the good trend in public finance Fitch Ratings published the classification for Andorra last February, remaining at BBB, and the improved outlook, which changes from stable to positive. This is the fourth assessment of Andorra’s sovereign debt, and the agency’s assessment analysis highlights the improvement in the public finance situation, and also the automatic exchange of tax information and adoption of the European accounting standards (IFRS).
Andorra’s debt level stands at around 40% of GDP The Andorran Government rates the change in outlook very positively and understands that this puts the country in a good position to be able to achieve a better rating in the next assessments. The international rating agency also
took into account, to improve the outlook in the national rating, the financial system’s capacity to adapt after the BPA crisis. The agency estimates that Andorra’s debt level stands at around 40% of GDP. Accordingly, Fitch predicts that in the next few years this will gradually decrease. The improvement in the outlook to positive indicates, as the agency states, that no events are expected that could cause a fall in the country’s rating. They indicate that this rating depends on there being no worsening in the economic growth prospects, nor deterioration in the banks’ solvency.
12
World
Andbank España takes part in the Private Banking congress in Madrid
Andbank España took part in the 18th annual Private Banking congress held in Madrid, recounting all that happened in Wealth Management business in the last year, and strategies and innovations were presented. During one meeting, organised by iKN Spain at the Hotel Wellington in Madrid, the attendees agreed that technology should be seen as an ally in the client’s relationship with his Private Banking entity, and even for bankers themselves, although most consider that “face to face advice” will never disappear in an industry that is intent on technological transformation to survive against its competitors.
A simple model which emerged by thinking about the client’s needs first
Gabriela Vara Orille, in charge of innovation at Andbank España, who gave a talk during the congress, went one step further, to explain that “Fintechs have provided a solution which we have not yet been able to offer in a straightforward manner from the sector.” In her opinion, these companies present a “simple model which emerged by thinking about the client’s needs first”. Therefore, despite the theory that indicates that high wealth clients prefer to leave “digital” to one side, Orille believes that it is actually the client who drives entities to be ever more digital. Referring to recent research, Gabriela reminded the bankers present of the fact that “in 2020, 60% of its clients will no longer go to the office, and will communicate with their bankers using mobile apps.” Faced with this process of change, Orille insisted on the need for massive digitalisation, both of bankers and clients, to stand out in an ever more competitive sector. “Technology must be a ‘facilitator’ for the banker and client. Fintechs are our allies in this sense and the tendency will be towards alliances with different firms which provide different solutions”, Gabriela asserted.
World
13
Andbank España plans to expand its network of agents by 20% in 2017 Andbank España plans to expand its network of agents by 20% throughout 2017, both the number of professionals and the volume of assets under management. This growth is part of Andbank’s strategy for creating the largest network of financial agents specialised in asset management in the Spanish private banking sector. Currently, Andbank has a network of 100 agents, representing more than 250 professionals, who manage an average of 20 million euros. In total, the entity’s network of agents brings in a volume of more than 2,000 million euros, proving that this division is one of the strategic business areas for Andbank’s growth over the next few years. Specialisation, high qualifications and a broad
knowledge of asset management are the three key skills which distinguish the professionals in Andbank España’s network of agents.
More than 5,000 investment funds of 200 managers Moreover, Andbank owns one of the most advanced technological platforms in the market, with access to more than 5,000 investment funds of 200 managers, 4,000 securities in 20 markets, 1,000 ETF and pension plans from any device: computer, mobile or tablet.
Antonio Castro, new Deputy CEO at Andbank The Board of Directors of Andbank has ratified the appointment of Antonio Castro as the new Deputy CEO of Corporate Services. Castro was already acting a non-executive chairman of the CIS Manager, Andbank Wealth Management España. Antonio Castro is state attorney and has an extensive career. In the private sector, his period with the Barclays Group stands out, where he held various executive positions, including general secretary and head of Regulatory Affairs for Europe. He was also CEO of Barclays España, a position from which he coordinated the sale of the British group’s retail banking business to La Caixa. Ricard Tubau states “We are very glad that Antonio Castro has joined our project. By bringing in a top international professional, our group gains further momentum and our long-term project grows in strength.”
World
14
Presented at the Mobile World Congress: the agreement between ANDBANK and BIID on the use and development of the Digital Signature Last week, the agreement between ANDBANK and BIID on the use and development of the Digital Signature was presented at the Mobile World Congress. BIID is a business in the Firmaprofesional group, which is the main Spanish private certification authority after the Spanish Royal Mint. The digital signature allows for a strong authentication method based on the use of digital certificates, guaranteeing their legal validity, non-repudiation, traceability and integrity of the evidence generated by each user and transaction. Within the NEWTON Project, it is planned to integrate the digital signature capacities with bank applications so that, for example, our clients can easily sign proposals, contracts or any other kind of document from their mobile.
Andbank Miami collaborates with the Miami Open Tennis tournament Last March took place the Miami Tennis Open, where some clients of Andbank Miami attended thanks to a sponsorship collaboration in this event. This year, the Miami Open tennis tournament reached its 32nd edition and Roger Federer won the trophy in the Crandon Park in front of over 13,000 spectators who did not want to miss the event. This event coincided with the preparations at Andbank Miami to inaugurate the new offices, which during the month of April will be moved to 1200 Brickell Ave.
World
15
Andbank España’s Gestión Value brings in more than 37 million in its first month Andbank España’s “Gestión Value” fund, the first Spanish variable income fund with value philosophy, has attracted more than 37 million in its first month of life, in which it managed to attract more than 1,000 participants. This vehicle combines the strategy of the four major Spanish value managers and invests directly in Berkshire Hathaway shares, the flagship of the mythical value investor, Warren Buffett.
the participant enjoys the diversification effect between the different styles of value management which each one implements.
It has shown that this type of product is in great demand among the clients The maximum cost for participants in retail class is 2.49%, while for those in institutional class it stands at 2.09%. This includes the fund management commission: 0.9% in retail class and 0.5% in institutional. In exchange, the participant has access through one vehicle to monthly aggregate reporting and to institutional class in some of the funds. Carlos Pérez Parada, CEO of Andbank Wealth Management, states: “we are very satisfied with the welcome this vehicle has received. It has shown that this type of product is in great demand among the clients, who are able to access, in a diversified way, brilliant managers who bring together the best of the value philosophy. For long-term investors, this is without doubt the best place to be.”
This is a unique, exclusive product in the market, with a “value investment” type of management, aiming to select the best managers in this field. These managers select undervalued assets on the market with a high potential revaluation. The global nature of this investment fund allows investment opportunities to be located in any sector and market, both national and international. This vehicle, which can be contracted through Andbank’s fund platform, is open to any individual investor in the retail class, has a recommended investment horizon of five years and will initially have an investment of 75% in international funds and 25% in national funds. Moreover, 4% is invested directly in Berkshire Hathaway shares, the holding company directed by Warren Buffett. It should be noted that, despite investing in only four value managers, the overlap of positions between funds is very low and so
World
16
The Andbank León team takes its experience to Mexico
The team of professionals at Andbank in León initiated a business project in Mexico in February, where they intend to take not only their asset management model but also the entity’s proposals for financial training and other initiatives it has pursued in the province of León, over more than 20 years and under different brands.
We are a team of professionals who are highly qualified in all types of professional planning The director of Andbank León, María Jesús Soto, carried out an intense programme of activities in the Mexican capital, which led her to not only contact individual investors but also to present the project to a select group of businesses. She also held various meetings with universities. The agenda for the visit included a conference by Alex
Fusté with the presence of Carlos Moreno and Pablo Padilla. The initiative started with the company W&P Independent Advisors, chaired by Soto. ”We are a team of professionals who are highly qualified in all types of professional planning, and have broad experience in this field”, he states. Soto opened the office in Mexico, for which he created the company W&P Independent Advisors. “This company will collaborate with Andbank both in Mexico, through the investment adviser Columbus, in which the bank has 50%, and Luxembourg, where Andbank has its bank licence like the one in Spain.”
World
17
Andbank Spain opens new offices in the centre of Madrid Secretariat, Commercial Tracking, Wealth Management & Advice, CEO, Wealth Management & Advice Directorate. Plus our team in the old business office in Ortega y Gasset.
In October 2016, Andbank Spain opened new installations in the heart of Madrid, in Calle Serrano. More than 1,500 m2 of modern installations, designed to maintain our philosophy of excellence, quality and personalisation in the level of service we offer.
The departments in Serrano since the end of 2016 are: Agents/EAFIs (financial consultancies), Compliance, Regulatory Compliance and Litigation, Digital Personal Banking & Innovation, Marketing & Communication, Operations & Organisation, Human Resources, General
18
World
13th annual “International Private Banking” convention in Andorra
At the beginning of the year, Andorra staged the thirteenth “IPB” summit. Three days of work sessions that brought together nearly 180 Andbank professionals, of 29 different nationalities, specialising in private banking. Conferences, seminars and working groups were the order of the day at the Andbank Group central office from 31 January to 2 February. The main objective was to share the entity’s corporate culture and philosophy, presenting the model of corporate support and some new products. Equally, the work sessions dealt with regulatory changes and the challenges faced by the private banking sector in particular and the financial world in general. Also changes and adaptations to the new regulations and potential scenarios, as well as topics in the news and of major relevance to the private banking sector.
The work meetings and conferences have a dual component, allowing Andbank to put representatives from different jurisdictions in direct contact with the head office and offer them better training. Over the three days, the participants combined strategic work sessions with Andbank executives with corporate relations with the Andorran team.
It is a priceless opportunity to share different ideas and viewpoints with various colleagues in the group From the Bahamas, Jamaal Wright, vice-Chairman of Private Banking, commented that there is no doubt that the strong point of these days is the opportunity to interact with colleagues from other jurisdictions and the range of topics from the different speakers. Yair Shani, CEO of Sigma Mutual Funds and Sigma Portfolio Management in Israel, who took part for the first time at the IPB organised by Andbank, states that it is a priceless opportunity to share different ideas and viewpoints with various colleagues in the group.
World
19
Private Banking Manager in Brazil, Glaucia Vidal also attended the Private Banking congress for the first time, which has been very useful for learning about the bank, its history and above all for getting up to speed with everything relating to new regulations. Martín Zorio, from Panama, is already a true expert in our annual convention. After his seventh event he states that it is always productive for reviewing all that has happened in the last year and setting out the prospects for the next one. From Barcelona, Raúl Martínez highlights the synergies of business between managers, corporate information and the corporate message. Raúl considers the days are comprehensive.
Generate more debate. Reduce the number of presentations and optimise teamwork Proposals for IPB 2018
It would be good to spend half a day visiting the most symbolic sites in Andorra. (To improve our knowledge of the country and staff bonding outside the conferences).
J. Carlos SOLANO Organise a bingo during the corporate dinner. The year we had discounts in some Andorran shops was brilliant so we should do it again!
It would be good to hold the event outside Andorra sometime.
Martín ZORIO
Alexandra Beisiegel
Organise a round table to debate various topics of common interest.
Yair SHANI
Situation of the Newton project and other opportunities to meet Andorran colleagues.
Jamaal WRIGHT
Generate more debate. Reduce the number of presentations and optimise teamwork.
Iván MORA
Maybe a leisure activity. Some kind of competition (football matches) or activity in the snow.
Raúl MARTÍNEZ
World
20
03
Andbank Knowledge
SOCIMI, interesting framework, mixed reality By Eduardo Martín
¿What is a SOCIMI? A Sociedad Cotizada de Inversión Inmobiliaria, or Listed Property Investment Company with a minimum capital of 5 million euros, which can include any kind of urban property, with no limits on leverage or diversification. A Property Holding Company, with 80% of the properties for rent, which must be held for at least three years on the balance sheet before sale. Mandatory listing on the Spanish MAB (Alternative Stock Market), giving it liquidity and transparency. With one basic focus, shareholder returns, sharing at least 80% of the profit from its rental activities and at least 50% of the capital gains from any sale. It also benefits from an attractive tax framework: zero rate Company Tax, with a discount of 95% on Property Transfers and Documented Legal Acts (AJD), while the incorporation and contribution from shareholders is exempt from AJD. Under the acronym, SOCIMI, the reality listed on the Spanish market is extensive: more than 30 companies with different foci and size emerging since 2013-2014. And more will come: in 2017, the forecast indicates 35 more SOCIMI emerging on the MAB. Together with the alternative, the continuous market, where the big companies have been listed since 2014 (LAR, Hispania, Merlin and Axiare). What is the average profile on the MAB? Reduced size, with only one third of those listed above 100 million euros capitalisation. Resulting in one of the investor’s risks: low liquidity. Various property business foci are listed on the market, general as well as specialised: commercial, hotels (LAR), offices (AXIARE), even petrol stations and hospitals. Where do the risks in these investments lie? Apart from the liquidity mentioned above, risk deriving from interest rates is also intuitive. If we think that we could have seen the minimum rates in 2016, with reviews indicating that this source of extra returns for all property would stop occurring in 2017 and beyond… Is this a dramatic scenario for SOCIMIs? No, the greater economic dynamism is positive for the property business and the impact would
be partially offset by the link between rents and the trend in the CPI for which forecasts also indicate higher readings. And if we compare this SOCIMI regime internationally, the result is very favourable for the Spanish vehicle. Especially flexible in terms of free-float, leverage, mandatory distribution of dividends and asset diversification. At Andbank, our current approximation to the SOCIMI world is called DOMO. What makes it different? Its focus: it not only buys but develops. In figures, this implies greater returns: an extra 6-8% on the purchase of land and development, on the traditional 2-4% for rent and management. Moreover, the segment in which it acts, residential in Madrid, Catalonia and the main provincial capitals, different to those already listed. “Hyper-specialisation” by a dual channel: development and residential. As in all projects, history matters. What is DOMO’s history? It comes from a renowned property manager (1,400 under management; 20,000 small investors), property developed in the city of Madrid on emblematic sites. To lower the developer risk, where there is value but not for free, DOMO’s orientation provides some peace-ofmind: they buy winning sites, work with top construction companies (Ferrovial, Dragados, etc.), with maximum leverage of 30-40%.
World
04
21
Social Events
A good start to the year for the cross-country skier Irineu Esteve Andorran cross-country skiing, sponsored by Andbank, started the year with a good performance by the athlete Irineu Esteve. In the European Cup in Planica, Slovenia, Esteve came in 8th in the 10km senior skate category, with a time of 21.17.7, 24.6 behind the winner. A total of 111 skiers took part in the competition which was held last January. In the 15km classic competition, with 70 participants, Esteve crossed the finish line in eleventh place. Later, in the last Europe Cup competition he became 3rd in the general ranking.
Andbank Bahamas’ face of solidarity The Andbank Bahamas team started 2017 by showing their face of solidarity by taking part in the eighth Bahamas Sunshine Insurance Marathon. This event, consisting of a marathon, a half-marathon and a 5km race, aims to collect funds for several organisations that fight against cancer. In the previous event a total of 50,000 dollars was collected. This year, the beneficiaries will be the Bahaman Cancer Association, the Princess Margaret Hospital foundation and breast cancer support groups in the Bahamas.
World
22
First aid courses reach 4,500 children this year
A total of 4,500 children between the ages of 10 and 11 were trained in First Aid for Children (PAPI) this year, organised by the Andorran Red Cross and sponsored by Andbank. The main aim is to teach boys and girls first aid from a very young age, actively promoting this skill, which is invaluable to the population as a whole.
This year, 2017, the PAPI courses celebrate nine years of existence and we are working to introduce new elements, notably a module on natural hazards in Andorra, such as disasters, providing the preparation and prevention to deal with them. With this project, within 10 years, a high percentage of people under the age of 30 in Andorra will be trained in first aid.
Andbank Spain Solidarity Fundación AMPAO is a foundation aimed at people with intellectual disabilities, offering them a range of quality leisure activities. Leisure is an essential mechanism for adequate and equilibrated personality development. It favours creativity and personal development, confers individual freedom, encourages friendship and instils suitable behaviour. At Andbank, we are making a contribution through the foundation so that they can continue pursuing these activities. Continuing on Andbank Spain’s commitment to the foundation “Chris against cancer”, we sponsored their
celebration “Heroes’ Night” on 18 November, to raise funds for the creation of the New Advanced Therapies Unit for Child Cancer at La Paz Hospital in Madrid. There were live performances by HOMBRES G and UN PINGÜINO EN MI ASCENSOR, and personalities from the arts and society were present. “Heroes’ Night” was a genuine success and managed to raise 105,000 euros.
World
23
Gathering in the mountains A cheese fondue helped the participants to recover their strength after an excursion under a splendid full moon. The night was favourable, with mild temperatures and no wind, affording a unique experience.
One of the star winter activities in Andorra is to use the full moon to make a trip into the mountains at night. For this purpose, about 40 colleagues from Andbank Andorra met for a nocturnal ski mountaineering and snowshoe excursion, which ended with a fantastic dinner.
Uniraid team sponsored by Andbank From 25 February to 5 March, Uniraid 2017 took place in Morocco, a great human experience in solidarity for students with an entrepreneurial spirit aged between 18 and 28. It consists of a 9-day route through Morocco in cars more than 20 years old, and takes place annually. This year, the participants completed 7 legs, finding their way with a roadbook, map and compass (no GPS or electronic devices) and overcoming all manner of obstacles, challenges and trials. The objective was reached. The team formed by Pol CarriĂłn and TomĂĄs LĂŠrida, sponsored by Andbank, managed to cross Morocco from north to south and deliver their part of the 30kg of school equipment and donations which Uniraid distributed among the desert villages.
World
24
Successful attendance at the conference in Andorra by the tax expert Esaú Alarcón
About one hundred people attended the conference given by the tax lawyer Esaú Alarcón on the model 720. This document emerged just after the tax amnesty granted by the Spanish Government in 2012 for people to regularise their property, current accounts, investments and securities abroad, of more than 50,000 euros. Taxpayers had to file the model 720 with this information before 30 April 2013. Since then, if their assets abroad underwent any changes, they had to communicate it before 30 March of each year. Otherwise, the Spanish Tax Office (Hacienda) can impose sanctions of up to 150% of the undeclared sum and fines of 10,000 euros for each omitted datum.
We do not want to defend fraudsters but neither should the innocent pay for the guilty “More than 90% of the capital abroad was not declared in 2012 under the tax amnesty, but this included everything: Liechtenstein, Switzerland, Luxembourg”, said Alarcón.
Esaú Alarcón asserts that the penalty system is badly designed as the penalties should not be set on the basis of the omitted data or series of data but on the value of the assets abroad as otherwise, and as can be seen in practice, the total penalty could equal the value of the assets or even exceed them. “We do not want to defend fraudsters but neither should the innocent pay for the guilty”, concludes Alarcón, who insists that they do not oppose the duty to declare but the severe penalty regime and lack of statute of limitation. In fact, the European Commission states that the fines imposed by Hacienda on those who do not correctly declare their assets abroad are “disproportionate”, “discriminatory” and “in conflict with EU fundamental freedoms”, and requires immediate changes or threatens to apply to the European Court of Justice.
World
25
Andbank Brazil Conferences with an exceptional guest Last February, Andbank Brasil organised the first Andbank 2017 gathering, a conference given by Luiz Fernando Figuereido, partner and CEO of Mauá and ex-director of the Central Bank of Brazil. Some 50 people attended the exclusive event which had the title “Macroeconomic Scenario and Financial Perspectives for 2017”. Figuereido highlighted that “Brazil shows signs of recovery from the longest and most severe recession in its history, but this recovery will be slow and gradual.”
28th tournement Manuel Cerqueda Memorial
The Andorran ski resort, Vallnord, hosted the 28th edition of the Manuel Cerqueda Memorial.
neighbouring countries, met to compete in this competition, sponsored by Andbank.
The competition, organised by the Andorra Ski Club, hosted veteran racers to compete in a giant slalom. This was the second race in the 6th Catalan Alpine skiing veterans’ league.
The race acknowledges the pioneers of the national sport, skiing, and in particular the first president of the Andorra Ski Club, Mr Manuel Cerqueda Escaler, whose management and leadership initiated relations with the neighbouring countries and promoted skiing as the national sport.
The number of entrants at this event beat the records: more than 80 racers from different teams, both national and from
World
26
Screening in Andorra of “The healer” In February, the film The healer (traslated as “Lo que de verdad importa”), written and directed by Paco Arango, was shown in Andorra, with all profits being donated to charity. The film showing, sponsored by Andbank, collected €XXX in Andorra during the week it was on. All the money collected at the box-office is destined for the Paul Newman foundation “Serious Fun Children’s Network”, which organises leisure camps specifically for children with serious illnesses around the world. In Spain, the collected funds are managed by the Aladina Foundation, founded by Paco Arango in 2005. It provides integral assistance through psychological, material and emotional care, to children and teenagers who are ill with cancer. Through the Aladina Foundation, 120 children with cancer have the opportunity every year to take part in these “Serious Fun Children’s Network” camps. Arango states that “Doctors often remark that this experience can be almost as important in the recovery process as chemotherapy.”
Call for entries for the Young Journalist Award Andbank Andorra has called for entries for the competition “Young Journalist Award”, created by the newspaper Ara to bring young Andorrans closer to and promote the world of communication media. The competition is aimed at any Andorran students studying Baccalaureate, vocational training or a university degree, aged at least 20. This means that more than 1,500 youths are eligible to compete for the journalist award.In order to take part, they must produce an informative photographic, audiovisual or written report, with the theme: “Social networks and young people: Pros and contras”. The best work in each category will be published in the newspaper ARA.ad and the prize is an Ipad Mini 2.
Works must be entered before 15:00 on Friday 28 April by email to premisdeperiodisme@ara.ad. The winners’ names will be published on 19 May.
World
27
Andbank Andorra collaborates with the Lawyers’ Association The Andorran Lawyers’ Association has received the collaboration of Andbank to organise a series of seminars in 2017.
The next dates will be in April and May with the seminars “Consumer processes” and “Problems deriving from internet transactions”.
Under the title “Consumer law”, 4 training sessions have been organised over the year, aimed at members of the Andorran association. Last 21 February, the cycle of speeches started with the seminar “Community policy in consumer matters” given by Marta Ortega Gómez, tenured professor of International public law at the University of Barcelona. Later, on 23 March, was the session by Rebeca Carpi Martin, tenured professor of civil law at ESADE: “New modes of contracting with consumers”.
Andbank Bahamas sponsors a conference on the life of Anne Frank The life of Anne Frank was the subject of an event sponsored by Andbank, which was held at Hotel Meliá Nassau Beach in the Bahamas. With the title “Beyond the diary”, Eva Schloss, the best friend and stepsister of Anne Frank, related her experience, her personal memories from innocent childhood to the anguish of Auschwitz and later, a life dedicated to humanitarianism as a wife, mother and grandmother.
Eva Schloss, born in Vienna 87 years ago, one of the last survivors of the Holocaust, told her unforgettable story through the eyes of her best friend and classmate, Anne Frank, then through her own eyes as a prisoner and finally, from the heart of a woman whose courage and compassion could not be stifled. Eva became the stepsister of Anne Frank when her father married Anne’s mother, after their spouses died in the Holocaust. The place where the event was held, organised by the Jewish community in Nassau, struggled to accommodate the more than 2,000 people who did not want to miss the talk. Before opening the doors, about 400 people were expected, but Eva Schloss’ audience swelled to 2,200. A few hours earlier, Eva Schloss had spoken about persecution and prejudice in the Second World War to a group of about 700 students, whom she reminded that “There is only one race, the human race.”
World
28
Conference by Eugenia Bieto about leadership She has also developed her professional career in the design and implementation of public policies for promoting the entrepreneurial spirit. She was deputy director of the Centre for Innovation and Business Development (CIDEM) for territorial equilibrium policies, and has held several offices in the IMPIVA institute for promoting the creation of businesses. She has collaborated with businesses in the introduction of corporate entrepreneurship projects and has advised various bodies on measures to promote the entrepreneurial spirit. The Director General of the ESADE business school, Eugenia Bieto, gave a conference in Andorra titled “Leadership in changing times�. About one hundred people attended the conference, in which Bieto highlighted leadership that is built on teamwork, involving good knowledge of each team member’s capabilities. Eugenia Bieto rejected authoritarianism as an effective method, since some decisions must be taken more collectively. Bieto has been linked to the world of business initiatives, whether in the formation and management of new businesses or the introduction of strategic innovation programmes in businesses and the development of new lines of business.
World
29
Upcoming Events
2017 Andbank golf tournament Next 22 April, the 2017 Andbank golf tournament will begin at the Royal Golf Club in the Cerdanya valley. This year, the tournament reaches its 17th edition and will consist of 6 competitions to be played at different points in Spain. As for the technical aspect, it will be competed in lower and higher categories, limited to a 26.4 handicap for men and 36.4 for women. The competitions will be played according to the individual Stableford system, with a Shotgun start. There will be prizes for the closest ball (Approach) and the longest drive in the men’s and women’s categories.
CALENDAR 22 April · Royal Golf Club, La Cerdaña (Barcelona) 26 May · Royal Golf Club, El Prat (Barcelona) 17 June · León Golf Club (León) 29 June · Royal Golf Club, La Herrería (Madrid) 15 September · Royal Golf Club, San Sebastián (San Sebastián) 29 de septiembre · La Galiana Golf Club (Valencia)
Andbank España – Strategy Conferences 2017 Andbank España has organised its strategy conference cycle for yet another year. Seeing their popularity in 2016, the conferences programmed for 2017 follow the same line. This edition first opened last 23 February in Barcelona at the Hotel Majestic, attended by more than 200 people. The same occurred at the Madrid conference on 2 March, where about 250 people gathered at the Rafael del Pino Foundation to follow the steps laid out for 2017 by our Chief Economist, Alex Fusté.
CALENDAR 9 March · at NH Palacio de Burgos (Burgos) 23 March · at hotel María Cristina (San Sebastián) 30 March · at Baluarte (Pamplona) 4 April · at Círculo Logroñés (Logroño) 6 April · at Euskalduna (Bilbao) 27 April · at Gran Hotel (Zaragoza) 4 May · at Westin Valencia Palace (Valencia) 5 October · at Hesperia Finisterre (Coruña) 30 November · at the Ciudad de León auditorium (León)
World
30
Second edition of Andbank Talents
After the success of the first series, Andbank is broadcasting the programme “Andbank Talents” again on Andorran television, in which different figures in the social, political or sporting world give their honest view of life and how they achieved their objectives.
Broadcast calendar: Wednesday 3 May: Antoni Bassas Wednesday 10 May: Eugenia Bieto Wednesday 17 May: Irineu Esteve Wednesday 24 May: Sor Lucía Caram Wednesday 31 May: Adeyami Ajao Wednesday 7 June: Cristina Maragall Wednesday 14 June: Gay de Liébana
Emilio Duró motivational Conference Next 1st June, Andbank Andorra is sponsoring the Emilio Duró conference to be held at the hotel Husa Centric. A graduate of Economic Science from the Autonomous University of Barcelona and ESADE, Emilio Duró has been working for more than 25 years as a motivational coach at prestigious international companies such as Microsoft, McDonalds, Telefónica, Ikea, Renfe, etc. His conferences are known for their highly motivational content and snappy, captivating speeches. His conference forms part of the programme of first international seminars for businessmen on the Circular Economy, organised in Andorra.
World
05
31
Interesting People
Interview with Eugenia Bieto How should those leaders be? They should have a global mentality, not only from a business perspective but also to understand the changes occurring in the world. Secondly, they must be very enterprising people. Finally, they must be socially responsible. We need executives who always put ethics first in their decision-making. You have trained entrepreneurs. Is the entrepreneurial spirit innate or can it be learnt? I disagree with what they say that there is a lack of entrepreneurial spirit. I see great initiatives around me. I believe that entrepreneurs can be trained, just as in any other profession. It is true that there are children who are born with an attitude of inquiry, but I have had students in class who had never considered being entrepreneurs and ended the course thinking “why not?“. This is one of the great responsibilities of the business school: showing them that it is possible. Although it should be taught from childhood.
Eugenia Bieto, born in Barcelona in 1950, has held the post of Director General of Esade since 2010. This would not be significant except that this made her the first woman in Europe to head a business school ranked by the Financial Times as among the 25 best in the world. Do you feel intimidated by “being in a minority”? Not at all, I’m used to it. I was the only girl in my class at university, the only woman teacher when I started giving classes at Esade, and the only one on the board when I was associate to the former General Manager of the school. It can’t have been easy to continue to rank among the best business schools in the world for so many years. The business school sector is very competitive. There are about 12,000 in the world, but in reality only about 1,200 share global training. The challenge is to attract the best students and teachers to maintain its prestige and good results. The responsibility is enormous because we are training people who are going to be leaders in society.
I dedicated all my free time to my son, to make him understand that when I could not be with him it was because I was working, in order to live With your experience in forming businesses, when would you say is a good time to set one up? It is always a good time to start. One third of all businesses are created through necessity, but to be successful it is essential to surround yourself with a good team – because starting out on your own is very difficult –; to be willing to persevere along a very difficult path and to be flexible enough to change the business if it does not work. This advice will help the ever greater number of women who decide to set up their own businesses
32
How have you been able to combine it with your personal and family life? I have a son aged 33 and it was hard. Suddenly I found myself alone with my son and I had no choice. I lost my parents when I was very young, had no sisters, no husband, so I had to go it alone, with no family support network. But I have many friends and they helped me immensely. Friends are an incredible asset. I dedicated all my free time to my son, to make him understand that when I could not be with him it was because I was working, in order to live... but my son made life easy for me. Children who grow up with a working mother as their role model learn a lot about taking responsibility. Your father died when you were only 12. How did this influence your life? Totally. He was a doctor and was always studying and doing research. After the war, he was forced into exile and ended up in a concentration camp, but he always knew how to get ahead. I greatly admired him. His death left us in a very difficult situation and meant that I had to abandon my childhood and pull my socks up because I was the eldest and had two young brothers. At 14 I started to work as a babysitter and give French lessons, then maths classes. In my fourth year of university I already began to work in a company.
World
World
06
33
New Employees
Felix Mínguez Carrobles
Jose Javier Garcia
Position: Chief Financial Officer Jurisdiction: Andorra
Position: Private Banker Jurisdiction: Vitoria
He will be responsible of three areas: Management Control, Accounts and Taxation. He has a degree in Business Science from the Complutense University of Madrid and a Masters in Management Development from the Madrid Business Institute. He has had a solid professional career in the financial sector, mainly at Banco Santander, where he has held management positions specialising in financial control. Since 2005, he has been a member of several Management Committees at Santander and in 2014 was promoted to Managing Director of the Bank.
Andbank has strengthened its team in Vitoria by recruiting José Javier García Berzal as a new private banker. García Berzal, with 19 years’ experience in the private banking sector, comes to us from Deutsche Bank, where he was a personal banking manager. As well as Deutsche Bank, he has also worked previously in Banesto. He has a degree in Economics and Business Science with a Commercial specialisation from the University of the Basque Country and has specialisations in Private Banking and Financial Advice from ESADE.
Josune Hormaeche
Roger Cornet
Position: Private Banker Jurisdiction: Spain
Position: Private Banker Jurisdiction: Barcelona
Recruited as a new private banker for the Bilbao office, this new appointment is part of Andbanks’ growth strategy for Spain. Josune Hormaeche, with more than 25 years’ experience in the financial sector and the EFA certificate from EFPA Spain, comes to us from Banco Popular, where she held the position of Optimum Personal Manager, dedicated to attracting and managing high-income clients. Previously, she worked at Citibank in the field of Personal Banking.
Roger Cornet has 10 years’ experience in private banking. He comes to us from Deutsche Bank, where he worked as a Private Banking manager. Prior to that, he developed his professional career at Caixa Catalunya, in the Premium Private Banking Management division. With an Economics degree and a Masters in Regional and Local Tax Systems from the University of Barcelona, Cornet has also completed the Higher Programme in Asset Management at the Institute for Fiscal Studies (IEF) and has a certificate from the European Financial Planning Association (EFPA).
David Golderos Position: Director of Subsidiaries · Compliance Department Jurisdiction: Andorra Director of Subsidiaries and Governance, directly under Iván López, David has a degree in Economics and a Masters in Information Systems and Market Research and Analytical Marketing. He comes to Andbank after more than five years’ experience as a Senior Manager in Financial Services at Ernst & Young. .
World
34
07
Andbank Territories
Sao Paulo
With its broad avenues, numerous skyscrapers, millions of inhabitants and large green lung in the centre of the city, São Paolo, despite the shanty towns in the suburbs, is nevertheless surprisingly closer to New York than Rio de Janeiro. The term multicultural has never been so apt as here, in the largest city in Brazil, with almost 15 million people. The metropolis is huge, lively, fun, diverse, exciting… so many adjectives could describe it, and a journey to São Paolo can be an unforgettable experience. The city has many attractions: restaurants, music, nature, museums, architecture... so many things to see and do. It’s impossible to be bored or to see everything, just go with the flow.
RECOMMENDED: 1- See the Pátio do Colégio, the first construction in the city, a college and church from the 16th century which became the seat of government between 1765 and 1912. The building was restored in 1979 and now holds a museum dedicated to the Jesuits who founded the city, with more than 600 artefacts from the period. 2- Go shopping in Rua Oscar Freire, a glamorous avenue in the Jardins district, known as one of the most upmarket in the world, especially near Augusta Street, where the best
international brands can be found. A place to see and be seen. 3- Drink a cafezinho. Brazilian coffee is considered among the best; in fact Brazil is the largest producer and exporter in the world and also one of the biggest consumers. Stop off at a café or padaria (bakery) and order a cafezinho in one of its many forms: bica (espresso), café com leite (latte) or café pingado (cortado) is a real treat. 4- Dancing samba in Brazil is a sign of identity and all paulistas (inhabitants of São Paolo) know how to dance. There are many places with live music and festivities where you can feel the rhythm. Among the best-known are Bar Samba, Favela da Vila and Ó do Borogodó. 5- Go for a walk through the district of Vila Madalena, one of the trendiest districts in the city, full of art galleries, shops, bookshops, bars, restaurants… and a very lively nightlife. This is a great place to walk, mingle with people and enjoy the music, atmosphere and petiscos (tapas) in the botecos (bars). 6- Go down Paulista Avenue. Head for the city centre and go down Paulista Avenue, considered to be the most important business centre in Latin America due to the large concentration of businesses, banks and hotels. In the avenue lies the mythical São Paulo Art Museum (MASP), which houses the largest collection of European art in Latin America. Also, on Sundays, you can find two big open-air markets.
World
7- Visit the Municipal market, opened in 1933. This is a must, especially for food-lovers, whether to buy all kinds of fresh or tinned products or to taste some of the Brazilian delicacies. The building has beautiful stained glass and there is live music on some Sundays.
35
8- Have a drink with a view. The Skye Bar at the top of the Unique Hotel has a restaurant and extensive drinks menu. The prices are high but the panoramic views towards the Ibirapuera park and the whole SĂŁo Paulo skyline are worth it.
World
36
Restaurants in Sao Paulo
RESTAURANTE AMADEUS
TEMPLO DA CARNE MARCOS BASSI
The Amadeus cuisine comes from the sea. Rigorous selection, respect for the ingredients and careful preparation underlie the team’s work, so each dish reflects the balance and harmony between the force of the sea and the delicacy of its flavours.
Marcos Bassi is the most famous steakhouse in Brazil. Opened in the Vejiga district since 1979, it recently underwent extensive refurbishment, increasing its total floor space to 975m².
www.restauranteamadeus.com.br
www.templodacarne.com.br
It is also the Masano family’s commitment, managing this restaurant for more than twenty years, which will make your meal unforgettable.
VARANDA GRILL
DUE CUOCHI CUCINA
The Varanda is recognised as the best meat restaurant in Brazil and one of the best in the world. Since opening in 1996, it works exclusively with high-quality ingredients, combining the experience of the owner Sylvio Lazzarini, one of the chief meat specialists in Brazil, with a team that knows everything there is to know.
Italian cooking is in the DNA. Here, the home-made pasta (both fresh and dry) is the highlight of the Due Cuochi show, considered by many to be the best Italian restaurant in the city.
www.varandagrill.com.br
www.duecuochi.com.br
The name refers to the two chefs who opened the place, Ida Maria Frank and Paulo Barros. The room is circled by windows and served by both families.
World
08
37
People Platform
People Platform also provides an area where you can contribute your ideas, share experiences or find advice on financial matters, investment ideas, etc.
This is the Communities space, which are set up as blogs, each on an expert topic where you can find out about a specific subject.
If you’d like to join a community, just enter and click on “Join this community”, so you won’t miss any posts.
As well as following the various communities that already exist, you could create your own expert topic in a community. Do you like films, travel, painting or reading? Send an email to people@andbank.com to tell us what community you would like to create.
There are several different topics: “Analysis Round Table” is a community about markets, mainly oriented at International Variable Income with analysis of securities in EUR, USD and CHF, aimed at anyone who likes the stock market, whether operating or not, and bankers. At “Cover Music” you can discover the best covers in history, at the hands of Llorenç Tolo. “Compliance World” will bring you up to date on the latest legislation whereas at “Sports & Sports” you can follow sporting achievements, related by Andrés Herrera from Andorra.
We are working to have People Platform available also in Spain.
April 2017. N.ยบ 9