In May this year, Andbank Spain, an entity specialising in private banking, reached the five-year mark. These five years have been characterised by growth: the bank closed the first half of 2017 with a volume of business of €8.142 billion, which represented a 10.2% increase during the first six months of the year; what’s more, the net profits of the bank climbed 73.4%, reaching €2.7 million.
In December 2014, Andbank acquired the private and personal banking business of Inversis Banco, with the aim of continuing its growth in Spain. This integration also contributed to the setting up of an innovative ‘Omnicanal’ operation. As well as the private bankers service, the bank offered access to a technological platform known as Omnicanal, a reference point in the market, allowing investment in more than 5,000 investment funds from 200 asset managers, 4,000 stocks from 20 markets, 1,000 Exchange-Traded Funds (ETFs) and pension plans from any device: computer, mobile or tablet. This was a transformative strategy which enabled, above all, a constant improvement in the quality of services provided to its clients.
The bank, which counts on one of the highest solvency (42%) and liquidity (263%) ratios in the sector, has now taken its place in the top ten of the private banking entities in Spain. The bank counts on a structure made up of 17 offices, 94 private bankers and 106 financial agents, with extensive experience, and which make up one of the most important networks in the country. What’s more, Andbank Spain works with a network of 45 EAFIs (Financial Advice Companies), which count on the endorsement of the Spanish Securities and Exchange Commission (CNMV).
With clients who are ever-more demanding and increasingly better informed, banks are facing an exciting challenge when it comes to meeting the expectations of savers: to preserve their capital, and to achieve attractive returns. To do so, Andbank Spain has stayed faithful to a philosophy that always keeps the investor at the heart, with a personalised strategy always in line with their interests and investment profile. This is a fresh approach to private banking where conflicts of interest are avoided and savers re offere an almost infinite universe of third-party products.
A strategy that’s that puts client services at the heart
Andbank Spain’s strategy is based on high specialisation on private banking, advisory, wealth management and asset management, combined with a deep knowledge and the confidence of Spanish clients, as well as defining value proposals adapted to each client. Moreover, Andbank Spain offers the chance for clients to be able to manage their investments and products digitally, allowing greater access to alternative investments, wealth planning and the most advanced technology than ever before.Carlos Aso, CEO at Andbank Spain
Over the coming years, Andbank Spain’s strategy will facilitate its continued growth with the help of the best professionals in the private banking sector and acquisitions that will complement the current business.
To carry out its strategy efficiently, the value proposal from Andbank Spain is based on three basic pillars:
- Commitment to the client
By giving their clients access to all information in a clear and accurate manner, it allows the analysts to select the investment that best suits the needs of each investor, always insuring independence in their recommendations and avoiding any kind of conflict of interest. The team of highly trained professionals – with an average of more than 20 years’ experience in asset management – offers a completely personalised service.
A commitment to a value philosophy
In a scenario of volatility, the commitment to value-investing is a strategic approach which takes advantage of opportunities in the market and preserves capital in the long term. To achieve this, Andbank Spain has recently incorporated Gestion Value in its product portfolio, which is the first Spanish Equity fund with a value philosophy and one which unites the strategy of major asset managers such as AZ Valor, Bestinver, Cobas and Magallanes, and invests directly in shares in Berkshire Hathaway, the flagship of the legendary value investor Warren Buffett.
It is an exclusive and unique product in the market, given that it chooses the best asset managers with this management style, which consists of choosing assets that are undervalued by the market with a high potential for revaluation. The global character of this fund allows for investment opportunities to be found in any sector and market, both national and international. An investment solution is then born as a direct result of listening to clients, to fully understand their needs and transform their portfolio into pioneering and innovative investment solutions.
Leading technological advances
After its integration in Inversis, Andbank Spain incorporated access to one of the most advanced technological platforms in the private banking sector. This platform, one of the biggest third-party product intermediation systems in Europe, includes model portfolios that adapt to each risk profile, designed by analysts from the bank on a monthly basis.
In addition to Andbank Spain’s ambitious strategy of driving innovation and utilising the most advanced technology to provide high-quality service to its clients, last year it also launched the first private banking app to manage investments, which integrates the widest range of products in the market, investment recommendations and access to all of the client’s positions. This new app allows for any operation to be carried out via a smartphone, and to find out in real-time information about markets.
A commitment to society
One of the core values of Andbank Spain is its commitment to society, for example it is collaborating on two projects with the NGOs, Save the Children and CRIS Cáncer, falling under its Corporate Social Responsibility program, which is focused on supporting initiatives to help children.
In the case of Save the Children, in 2016 the bank signed a collaboration agreement to set up a new centre for children at risk of social exclusion in Valencia. The agreement with the Fundación CRIS Contra el Cáncer aims to raise funds for a special advanced therapy unit for the treatment of childhood cancer at the Hospital de la Paz in Madrid.
About Andbank Spain
Andbank Spain is one of the few banks in Spain offering a value proposition 100% focused on private banking. They believe that the future of the banking sector must be focussed on specialisation and disintermediation, to that end they are specialised in private banking, advisory, wealth management and asset management. In just five years Andbank Spain has become the 9th private bank in Spain with €8 billion of Assets under Management (May 2017).
The value proposition is completely customised according to the clients’ Assets under Management – the type of service they prefer (execution, advisory, wealth management, multi-custody) and the type of relationship – channel (web-call centre, private banker, independent financial advisor). Finally, the bank is recognised globally for its high-quality digital channel provision.