Crèdit Andorrà unifies its brand internationally under the new name Creand

24/11/2020

• Banco Alcalá, the brand under which the company operates in Spain since it acquired it in 2011, will now be called Creand Wealth Management

•The financial group is committed to consolidating its leadership in Andorra and continuing to grow in private banking in the markets in which it has a presence (Spain, Luxembourg and USA). 

The Crèdit Andorrà Group will unify its brand internationally under the new name Creand, with the aim of maximising the group’s synergies and strengthening its presence in the different financial centres in which it operates in the private banking segment. In Spain, where it entered in 2011 with the acquisition of Banco Alcalá, the company will be called CreandWealth Management, and the management company Gesalcalá will be known as Creand Asset Management. 

The brand unification will take place progressively in all the markets in which the Crèdit Andorrà Group has a presence and the local designations will be dropped: Banco Alcalá (Spain), Banque de Patrimoines Privés (Luxembourg), Beta Capital Wealth Management (USA) and Crèdit Andorrà (Andorra).

The new unified brand responds to the desire address the future strategy of the financial group, which entails consolidation and growth focused on international financial centres, and leadership in the Andorran market, where the company is a pioneer in innovation and customer services. The financial group bases its activity on a value offer centred on specialisation, capacity for customer service, the desire to be pioneers —both in the offer of products and services and in technology and digital transformation— and commitment to society.

With the new Creand name, the group seeks to convey the values that have defined Crèdit Andorrà throughout its more than 70 years of history: a leading Andorran financial group, a pioneer with a clear vocation for service and commitment towards people and the countries in which it operates. These are values that the new brand looks to perpetuate, but in a renewed and strengthened manner in line with the new times, with a brand that is more familiar and modern, capable of conveying the desire to be pioneers in innovation, to progress and create new solutions to benefit customers and society.

Xavier Cornella, CEO of the Crèdit Andorrà Group, now Creand,said that “we are facing this new stage with the backing of a solid and responsible track record, and maintaining the values that have enabled us to grow all this time. After successfully completing the process to adapt to the new banking and regulatory environment, we are starting from an advantageous position to consolidate the strength of our banking model and face future opportunities with confidence”. Cornella explained that the new brand “synthesises our roots and the strategic principles that have positioned us as leaders in Andorra. At the same time, it conveys the values of empathy and closeness with our customers, our pioneering spirit, capacity for service and the social commitment we strive for in our value offer as a responsible bank with a vision of the future. The new brand brings us even closer to the new economy we want to be part of, based on innovation and entrepreneurship, values that also define us as a country and a society”.

Commitment to growth in Spain

Banco Alcalá will become Creand Wealth Management, a name that highlights its proactivity in offering personalised private banking advisory. In other words, a friendly service adapted to the needs of the customers and their risk profiles.

Marcos Ojeda, CEO of Banco Alcalá (from now on CreandWealth Management in Spain), explains that “the brand change will give a boost to the business in Spain, as it will allow us to further increase the synergies of belonging to an international group, under the umbrella of a common brand. The backing of a global financial group and our local expertise, with vast experience in comprehensive wealth management, offer the necessary confidence to maintain excellence in customer service, which will remain at the heart of our activity. Our aim is to ensure a unique dialogue with customers, focusing on open architecture and innovating to offer the most suitable product for every profile and in every situation”

Currently, the company in Spain has a consolidated business model and high solvency and liquidity levels. It has offices in Madrid, Barcelona and Valencia, with assets under management exceeding 2.3 billion euros, having seen strong growth during 2020.

Strategic partnerships, specialisation and digital transformation

Globally, Creand will base its business strategy over the next few years on three broad pillars: 1) the development of strategic alliances to extend the value offer and the profitability of all business areas; 2) the focus on digital transformation and innovation to improve excellence in customer service; and 3) the specialisation in products and services that enhance differentiation and added value. All this while maintaining the efficiency of all processes, with the customer always at the heart of the activity.

Digital transformation is one of the pillars of future growth. The company was the first Andorran bank to offer mobile payments and it has a 100% digital investment fund advisory service (Merkaat) for its customers in Andorra and Spain. The objective is to continue to strengthen the development of innovative solutions as a pioneering bank.

The business volume of the Crèdit Andorrà Group was 17.054 billion euros (+10.51%) at the end of 2019, when the company achieved a profit of 46.24 million euros (+28.45%). It has a regulatory solvency ratio of 16.79% (regulatory CET1 was 15.13%). The group has 900 employees worldwide.

The brand change will be carried out after all the communications and other formalities that are generally necessary have been made to the competent supervisory authorities, including, where appropriate, obtaining any authorisations that may be required.


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