What the bankers say: Andorra

Andbanc: Jaume Sabater Rovira, general manager

1. What makes your country attractive to investors?

Its privileged geographical location, low tax regime, strict regulation of banking secrecy (in line with a strict policy of prevention of money laundering), an excellent rating from Standard & Poor’s (AA) and more than 70 years of specialisation in private banking.

2. What are the economic prospects for your country over the next three to five years?

Growth forecasts for Andorra are higher than those expected for the rest of Europe, and are based on the good performance of the main pillars of its economy: tourism, commerce and the financial sector.

 3. How do you foresee the financial sector in your country changing?

The currently very high standards of private banking will improve progressively, in order to increase Andorra’s international competitiveness. It is expected that the impact on the financial sector of the new tax regime on certain savings products will be very low. The current level of banking secrecy will be preserved in an environment of international cooperation to avoid money laundering.

 4. What role will your bank play in your country’s future development?

Andbanc will play a very important role. It contributes 5% of the country’s GDP and it actively co-operates in social action and the sustainable development of the country. Andbanc has begun a determined international expansion, which serves as a way to promote Andorra abroad and transmit, through the bank’s prestige, the prestige of the country.