The recovery year

Now that we have the results of the Andorran banks at year end, we can confirm that last year was one of recovery. We have left behind the economic consequences of the pandemic and we are now looking into the future with optimism. The Andorran banks continue to maintain their resilience and attractiveness for clients’ assets and in terms of profit growth. All of this is the result of a solid and sustained work undertaken by the Andorran financial centre which has proven its capacity to face the most difficult challenges and the most competitive international demands.

Andorran banks closed the year 2021 with an overall profit of €102m, a figure close to pre-pandemic levels and with a growth in profits of a 22%.

The Andorran banks have continued to help families and businesses affected by the Covid-19 crisis. At the end of last year there were no mortgage and non-mortgage moratoria in place. Out of the 2.019 soft loans granted to companies and the self-employed for an overall value of €152m, 15.26% of the total credit granted has been repaid, a symptom of the economic recovery which along with the tourism sector recovery is reaching pre-pandemic levels.


On February 25, the Andorran Banking’s Association General Assembly elected its new President and Vice-President for this year 2022.

Mr. Carlos Aso Miranda, CEO of Andorra Banc Agrícol Reig, SA was appointed President and Mr. Lluís Alsina Àlvarez, Chief Executive Officer of MoraBanc Gruo, SA, Vice-president.

In accordance with the Association’s by-laws, both positions are rotated and renewable annually.


Andorran banks closed the year 2021 with an overall profit of €102m, a figure close to pre-pandemic levels. In a year marked by the acquisition of BancSabadell d’Andorra by MoraBanc and of Vall Banc by Crèdit Andorrà, banks managed to grow their profits by 22% and increase the volume of client funds under management by 19%, to €61.64bn. Credit investment in Andorra also rose by 0,2% to almost €5bn. This line of business reported 884 new mortgages for a total loaned amount of €317.5m, a figure well above 2019 levels.


5th AML Directive implementation

In line with the constant implementation of international standards undergone by Andorra, the new Andorran anti-money laundering law came into force on January the 4th, adopting the 5th AML EU directive.

 The new law adopts relevant matters such as the inclusion of providers engaged in exchange services between virtual currencies and fiat currencies as obliged subjects, it makes the registers of beneficial ownership information accessible to the general public removing the need to prove a legitimate interest to access them and introduces the requirement for private UBO registers for bank accounts.



Standards & Poor’s and Fitch Ratings have revised Andorra’s outlook to positive from stable.

Standard & Poor’s affirms its qualification at BBB/A-2 and highlights the fact that the Andorran budgetary resilience mitigates the risks related to the evolution of the Covid-19 pandemic.

Fitch Ratings takes a positive view on the Andorran economic recovery and affirms at BBB+. The agency also foresees a strong recovery in GDP growth for 2022 thanks to the efficient mitigation of the economic impact derived from the pandemic.

The rating agency Moody’s has evaluated Andorra for the first time, granting it a Baa2 qualification and a stable outlook. Moody’s highlights the ongoing negotiation with the European Union on an Association which has the potential to broaden Andorra's access to the single market and foster new business and trade opportunities.


On the 5th of April the graduation ceremony of the third edition of the AML course organized by the Andorran FIU, Andorran Banking and the University of Andorra took place. The course was attended by around 40 professionals.

The course was aimed at those obliged subjects interested in broadening their knowledge with respect to matters related to the prevention of money laundering and financing of terrorism.

The diplomas were handed out by Mr. Èric Jover, minister of finance, Mr. Carles Fiñana, head of the Andorran FIU, Mr. Miquel Nicolau, the Andorran University rector and Ms. Esther Puigcercós, general manager of Andorran Banking.


Andorra prepares itself to welcome the new show by Cirque du Soleil. MŪV looks back at the greatest musical hits of recent years.