Crèdit Andorrà SA

Beginning of cooperation Last contact Last update
November, 2012 December, 2012 June, 2013

GSL reference about the bank

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Among the considerable advantages of Crèdit Andorrà Private Bankers it is worth noting, first of all, the jurisdiction Benefits of Andorra which are the  Banking Secrecy, and the network of Exchange Information Treaties (21 treaties mostly with the European countries)

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    1 283 1 A-
    Year of foundation 1949
    History The Bank Crèdit Andorrà was founded in 1949 and it works more than 60 years. At the present time Crèdit Andorrà is the leading Bank of Andorra in terms of business volume (12 270 mln EUR profit in 2010). The largest network of offices in the country: 17 traditional branch offices and three automatized offices. In Andorra the Bank represents 35 % of the financial market. In the Bank’s structure there are four companies abroad: Private Investment Management in Geneva; two SICAV in Luxembourg; Banque de Patrimoines Privés, and Valira Capital Asset Management» in Madrid; and operational bases (representative office in Montevideo, Uruguay; «Banco Crèdit Andorrà (Panamá)»; brokering company «Crèdit Andorrà Panamá Securities»). Now the Bank is present in Spain, Luxembourg, Switzerland, United States of America, Mexico, Panama, and Uruguay. In the near future it is planned to open offices in Paraguay and some other countries of South America
    Personnel The employees of the Bank: 600 persons worldwide; 45 Private Bankers in Andorra. Russian-speaking personnel: Russian desk comprises 5 account managers plus Russian speaking Back office
    Bank’s shareholders 69% of shares belong to 14 families which founded the Bank in 1949; 21% belong to the staff of the Bank

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    500 000 5 500 000 3
    Minimum balance, € Normally, the minimum balance is 500 000 EUR
    Transactions permitted per month Generally, the number of transactions permitted per month is five. The limits on transactions depend on the requirements of Compliance Department and are set individually. If the client is good for private sector it is possible to make five transactions per month. In case of transaction the client explanation to Account Manager is needed for the purpose of getting acceptance
    Initial deposit of funds, € The initial deposit of funds is at least 500 000 EUR. Nevertheless, the client should have the possibility to increase this sum as far as the average acceptable sum for the Bank is 3 000 000 EUR.
    Deadline for the initial deposit, month The deadline for the initial deposit is the period of 3 months

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    120 0 600 1 500 0
    Outcoming transfer, € The standard rate for outcoming transfer is 0.56 % which can be a subject to negotiation with the Account Manager and it is possible to get a discount in amount of 50 % of the stated rate. The best ever possible minimum is 120 EUR per transfer.
    Incoming transfer, € Incoming transfer is free of charge
    Account maintenance, €/year There is the List of Standard Rates for Banks of Andorra in the Bank system, and all the Banks try to apply them. Account administration fee is 600 EUR per year. For Investment client it is possible to negotiate and get the “all inclusive” flat fee (0.50% - 1%). Flat fee is out of the standard list
    Payment limit for credit cards, €/day Credit limit for Visa Classic is 1 500 EUR per day. Limit for Visa Gold / Platinum is 6 000 EUR per day and 12 000 EUR per month. The amount of credit limit may be enlarged on the client’s request
    Funds to be blocked for CC issue, € There is no insurance coverage for the credit cards. The funds aren’t blocked for CC issue
    Distant access to the account The Bank provides with the Active and passive online banking. This option depends on the client needs. The available languages: English, Spanish, etc. E-banking is free of charge. There are Limits for transfers: 6 000 - 10 000 EUR. These limits are negotiable. It is preferable for the Bank to get the e-mails + phone-call confirmation in the case of transactions. The payments should be approved by the Bank managers
    Financial products Discretionary managed account; financial advisory services; brokerage execution services (direct access to the trading desk; English); structured products for portfolio investment; access to all markets worldwide; accounts for many currencies (RUB as well); access to MICEX; trade financial instruments (letter of credits, guarantees; very seldom); back-to-back loans: 90 % of the deposited sum at the LIBOR rate + 0.5 - 2%
    Credit/debit cards All possible Credit/debit cards are available
    Hold mail The hold mail service is provided at the rate of 120 EUR per year

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    7 7 Necessary Exhaustive Savings
    Visit to the bank It is possible to open an account without visiting the country where the Bank is located as far as it is possible to arrange the meeting with the Bank officer in Moscow. Time for bank account opening depends on the compliance procedures. Normally it takes 7 working days
    Required For the account opening procedure it is required to provide with the following set of documents: set of incorporation documents; bank reference letter (any bank); BO (copy of passport, proof of address); origin of funds (inheritance, sale of property, etc.). For private entrepreneurs it is required to show the legal active business which can generate the stated amount (name, Charter, documents that prove the trading volume, balance, income statements, certification of the ultimate beneficiaries; financial statements for Russian companies). The documents should be provided in Russian with the subsequent translation by the Bank’s representatives
    Types of accounts Personal; Corporate; Savings
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description The client should provide with the exhaustive business description for the purpose of proving presence of the legal active business which can generate the stated amount
     
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