ANDORRA

The acquisition of another Andorran bank, CaixaBank, helped Crèdit Andorrà to strengthen its position in the local market and provided an increase of market shares in all lines of business.

Significant revenues have also been created by the offering of high added-value products and services, and by a more active management of funds, which contributed to an increase in commissions of more than 76%.

“During 2005, we successfully completed our strategic 2002-2005 plan, which enabled us to consolidate the specialised management of the business models of private banking, personal banking and commercial banking,” says Josep Peralba, CEO. “We have also carried out one of the most important financial operations, that has taken place in recent years in the Andorran financial sector: acquiring 100% of CaixaBank. With this transaction, Crèdit Andorrà has underlined its leadership in the Andorran market, reinforcing its position in the international financial system at the same time.

“The principal aim is to obtain a good return for the shareholders and to create value for all the stakeholders,” says Mr Peralba. “It is thanks to all the employees and to all our clients’ confidence that we are proud to contribute to the sustainable development of our country.”