492:
24:
496:
389:
234:. In January 2013, Banco Madrid, BPA's Spanish subsidiary, announced the purchase of the assets managing company Liberbank Gestión and consolidated collective investment products into a single company, Banco Madrid Gestión de Activos. In March 2014 Banco Madrid purchased Banco Mare Nostrum (BMN) and started managing its investment funds. With the incorporation of BMN Gestión de Activos, Banco Madrid took its place in the
293:. On March 13, the chief executive officer Joan Pau Miquel Prats was arrested and imprisoned; Spanish and Andorran regulators took over control of BPA and its subsidiary Banco de Madrid. On March 16, Banco de Madrid ceased operations and applied for protection from creditors after funds withdrawals. The U.S. Treasury
327:(PWC) to carry out an audit of the banks depositors to separate good clients from bad. The fee negotiated for this service was 30 million Euros and was paid directly to PWC. Such an amount represents 14% of the BPA Group's total available assets, an amount disputed by depositors on the class action forum.
304:
Subsequently withdrawals for those holding accounts were capped at €2,500 per week. BPA's assets were nominally assessed at €3 bn., far exceeding the
Andorran Government's annual budget of €400m. Should the bank fail it would be virtually impossible for the government to support it, meaning it would
376:
BPA performed most of its corporate responsibility activities through the
Private Foundation Banca Privada d'Andorra, a not-for-profit organization that was founded in 2008 with the objective of encouraging projects and services to improve the lives of citizens, from welfare, social, employment and
372:
In 2013 BPA earmarked 21.02% of its profits to activities related to corporate responsibility in the economic, social and environmental fields. Social initiatives, which include employment aspects, community programs and sports activities represent 94.54% of the resources that BPA intended for
227:(Caja de Ahorros de Guipúzcoa y San Sebastián). With this operation, BPA became the first Andorran entity to obtain a banking license in Spain. Also in 2011 BPA completed the purchase of the securities firm Interdin S.A., which is ninth in a ranking of companies per trading volume.
235:
319:
There are more than 500 depositors of the bank who have grouped together around PLATAFORMA D'AFECTATS BPA and are initiating a class action against the government of
Andorra (specifically INAF) for alleged mismanagement and gross misconduct in their management of BPA.
377:
environmental perspective. The
Foundation promotes its own projects and other initiatives in collaboration with Andorran associations and entities, and its priority actions include the integration of vulnerable groups and training professionals in the social field.
222:
In 2003, BPA began an international expansion plan to consolidate its presence worldwide and established a presence in six countries. As part of its growth plan in Spain, in July 2011 BPA acquired Banco Madrid, a private banking entity which was owned until then by
713:
373:
corporate responsibility. In 2013, the Group got ratified its certification as a Family
Responsible Company awarded by the Fundación Másfamilia, with the approval of the Spanish Ministry of Health, Social Policies and Equality.
363:
At the end of 2013, the BPA Group's total volume of assets under management had reached 7,074 million euros, of which 3,660 million corresponded to its activities in the
Spanish market through its subsidiary Banco Madrid.
288:
concern", involving four US correspondent banks, criminal groups in Russia and China and
Venezuelan money launderers. The board of directors and three of the bank's managers were suspended as of 11 March 2015 by the
218:
became a shareholder and the entity changed its name to Banca
Privada d'Andorra, SA. Starting in 2000, when Caixa Catalunya was no longer a shareholder of BPA, the bank became controlled by 100% Andorran capital.
559:
230:
The expansion process in Spain continued in 2012, when BPA increased its managed resources volume by 50% by the purchase of the asset managing company
Nordkapp, which was owned by
743:
721:
301:
stated that corrupt management and "BPA’s corrupt high–level managers and weak anti-money-laundering controls have made BPA an easy vehicle for third–party money launderers".
473:
590:
610:
257:
536:
511:
747:
623:
313:
281:
290:
477:
294:
269:
640:
100:
214:
Banca
Privada d'Andorra was created in 1957 under the name of Banca Cassany and began its activities in 1958. In 1993
458:
260:(ICIJ), the bank is further implicated in the second release of leaked documents by the ICIJ, subsequent to the
808:
543:
788:
762:
793:
518:
238:
ranking among the Top 15 institutions in volume of assets under management, with investment funds and
823:
402:
309:. The situation has also raised questions about the solvency of the province's other major banks.
298:
170:
798:
324:
92:
306:
8:
595:
34:
71:
44:
231:
285:
139:
215:
88:
23:
664:
265:
251:
817:
537:"Banco Madrid y BMN hacen efectiva la compra-venta de BMN Gestión de Activos"
454:
407:
261:
394:
342:
In Spain: Banco Madrid, S.A. BMGA SGIIC, S.A.U, Interdin Bolsa, S.V., S.A.
459:"Caixa Catalunya entra en Andorra con la compra del 70% de Banca Cassany"
112:
560:"Panama law firm heavily implicated in 'Pandora Papers' revelations"
799:
Associació de Bancs Andorrans (ABA) (Association of Andorran Banks)
351:
In Panama: Banca Privada d'Andorra (Panamá), S.A., BPA Valores S.A.
436:
804:
Andorran Financial Authority (AFA) (Andorran Financial Authority)
611:"Banca Privada d'Andorra's Spain Unit Seeks Creditors Protection"
203:
77:
689:
608:
312:
The non-toxic assets of the bank were put into newly created
239:
224:
124:
437:"Banca Privada d'Andorra, SA (BPA) (Andorra) - Bank Profile"
275:
272:(Alcogal) had established over 200 shell companies for BPA.
512:"Banco Madrid hace efectiva la compra de Liberbank Gestión"
665:"Fitch Affirms Banca Privada d'Andorra; Withdraws Ratings"
744:"BPA creix un 17% i arriba als 20,5 milions de beneficis"
741:
760:
471:
803:
591:"Andorra on the brink of Europe's next banking crisis"
574:
781:
577:
on former website of the Bank, accessed 1 April 2015.
258:
International Consortium of Investigative Journalists
384:
245:
809:
BPA Banca Privada d'Andorra BANK Class Action Forum
493:"Banco Madrid completa la integración de Nordkapp"
585:
583:
335:BPA had subsidiaries in six different countries:
815:
624:"How the US Treasury sank a small European bank"
641:"Andorre lance le processus de vente de la BPA"
534:
509:
490:
580:
565:, October 7, 2021. Retrieved October 27, 2022.
474:"Banca Privada d'Andorra compra Banco Madrid"
453:
431:
429:
427:
425:
423:
609:Macarena Munoz and Todd White (2015-03-16).
268:, documents reveal that Panamanian law firm
763:"Fundación Privada Banca Privada d'Andorra"
630:, July 6, 2022. Retrieved October 18, 2022.
367:
183:
420:
316:, which was sold to J.C. Flowers in 2017.
22:
276:March 2015 money laundering investigation
282:United States Department of the Treasury
599:, 30 March 2015, accessed 30 March 2015
339:In Andorra: Banca Privada d'Andorra, SA
816:
742:El Periòdic d'Andorra (31 May 2013).
291:Institut Nacional Andorrà de Finances
491:Banco de Madrid (20 November 2012).
348:In Luxembourg: BPA Financing S.àr.l.
295:Financial Crimes Enforcement Network
358:
13:
270:Alemán, Cordero, Galindo & Lee
14:
835:
773:
535:Banco de Madrid (25 March 2014).
510:Banco de Madrid (25 March 2013).
246:Pandora Papers — money laundering
387:
754:
735:
714:"Depositors Class Action Forum"
706:
682:
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633:
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330:
568:
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503:
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1:
413:
345:In Switzerland: BPA-IPWM S.A.
242:of more than €4,500 million.
305:have to be sold or put into
284:said that BPA is a "primary
7:
690:"PLATAFORMA D'AFECTATS BPA"
380:
10:
840:
718:www.bpabankclassaction.com
249:
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761:Banca Privada d'Andorra.
472:Banca Privada d'Andorra.
323:INAFs management engaged
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110:
98:
84:
66:
58:
50:
40:
30:
21:
403:List of banks in Andorra
368:Corporate responsibility
354:In Uruguay: Noswey, S.A.
299:Jennifer Shasky Calvery
280:On March 10, 2015, the
193:Private Bank of Andorra
180:Banca Privada d'Andorra
17:Banca Privada d'Andorra
325:PriceWaterhouseCoopers
575:Press release of INAF
118:€20.54 million (2013)
106:€30.69 million (2013)
694:www.afectatsbpa.com
596:The Daily Telegraph
457:(6 November 1993).
154:Number of employees
18:
563:The Economic Times
297:(FinCEN) director
72:Escaldes-Engordany
45:Financial services
16:
499:on June 20, 2013.
256:According to the
232:Banco de Valencia
206:founded in 1957.
177:
176:
161:
148:
133:
130:€3346.91 million
831:
824:Banks of Andorra
785:
784:
782:Official website
767:
766:
758:
752:
751:
750:on 10 June 2014.
746:. Archived from
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729:
720:. Archived from
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686:
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645:www.romandie.com
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631:
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557:
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549:on May 17, 2014.
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542:. Archived from
541:
532:
526:
525:
524:on May 19, 2014.
523:
517:. Archived from
516:
507:
501:
500:
495:. Archived from
488:
482:
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480:on May 17, 2014.
476:. Archived from
469:
463:
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397:
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359:Asset management
286:money laundering
202:) was a bank in
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173:
171:archived website
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145:€299.76 million
142:
131:
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101:Operating income
93:asset management
35:Sociedad Anónima
26:
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264:. Known as the
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216:Caixa Catalunya
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252:Pandora Papers
250:Main article:
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789:Banco Madrid
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748:the original
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722:the original
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693:
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673:. Retrieved
671:. 2016-04-27
668:
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648:. Retrieved
644:
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626:Dick Roche,
619:
613:. Bloomberg.
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544:the original
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519:the original
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395:Banks portal
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331:Subsidiaries
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140:Total equity
125:Total assets
67:Headquarters
31:Company type
441:thebanks.eu
728:2019-10-10
699:2016-02-10
675:2016-08-13
650:2016-01-23
414:References
113:Net income
314:Vall Banc
818:Category
794:Interdin
628:Euractiv
381:See also
85:Products
41:Industry
669:Reuters
236:Inverco
210:History
204:Andorra
187:
166:Website
78:Andorra
59:Defunct
51:Founded
240:SICAVs
160:(2013)
147:(2013)
132:(2013)
547:(PDF)
540:(PDF)
522:(PDF)
515:(PDF)
225:Kutxa
184:lit.
158:556
54:1957
200:BPA
820::
716:.
692:.
667:.
643:.
593:,
582:^
439:.
422:^
198:,
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182:(
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