Andorra

Credit Andorra

Credit Andorra’s sheer resilience in a difficult year for all banks has enabled it to capture the award for the second consecutive year. Despite last year’s global economic slowdown and an intense domestic price war, it maintained its profitability and even slightly increased its domestic market share in 2002.

Credit Andorra remains the dominant bank in Andorra with about 68% of the retail market and 74% of corporate banking. Its ability to maintain profits in tough times is partially due to a favourable cost-to-income ratio, which totalled 26.6% last year. And since 1990 it has consistently obtained high credit ratings from UK rating agency Fitch – its debt is rated A/B3.

On the technology front, Credit Andorra continued to enhance its electronic banking services, which users can access via the internet and any mobile device. These services have proven to be a huge success: in 2002 alone, overall customer demand for them increased 39.3%. These services are used by almost half of its business clients.

“Offering maximum quality in services, facilitating banking to our customers through a multi-channel strategy, a careful risk policy, a strong solvency ratio and permanent work in corporate social responsibility are our raison d’ętre,” said Josep Peralba, the bank’s chief executive.