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The Nassau Guardian

Andbank established full service operation in 2013

An Andorra-based bank which set up a full service private banking arm in Nassau last year has doubled its employees in the past 12 months as it looks to “differentiate” itself from the competition.

Andbank is headquartered in Andorra and owned by the third generation of two families. In 2001 it obtained a banking license in The Bahamas.

Moving into One Montague Place on East Bay Street last year, the bank has now developed into a “full service” operation, and attracted new professionals to join its team, including  new joiners Juan Iglesias (CEO of Andbank Bahamas), Daniel-Marc Brunner (Head of Private Banking), Werner Gruner (Private Banking Director), Wendell Gardiner (Head of Compliance) and Amanda Smith (Associate Manager) – all of them coming from leading private banking firms.

In a release issued by the company, it said that The Bahamas is an international financial center which provides a solid political, economic and regulatory environment offering the ideal platform for their international clientele.

The company was founded over 80 years ago in 1930 with the vision of establishing social and economic success in Andorra by driving endeavors in business, culture and sports during a worldwide economic depression. Today Manuel Cerqueda, one of its two owners, is looking to expand that vision to The Bahamas.

“Once more in a difficult economic global environment, Andbank has taken a different step than most other banks and doubled the number of staff in The Bahamas following its path in history in believing to make a difference despite difficult times,” stated Andbank (Bahamas).

Cerqueda said he believes that it is good to have competition: “It forces you to always be alert and improve your day-to-day offering and customer service.

“We believe that our business model differentiates us as it allows us to offer a wide range of solutions to the customer, regardless of the jurisdiction in question or the depository or bank with which they want to operate. We operate more quickly, adapting to changes in the environment and taking advantage of opportunities that present themselves.”

Andbank recently co-sponsored through the Starlight Global Foundation and its founder Werner Gruner an exclusive event called “A Night of Inspiration.” In this regard, the company said it was demonstrating its belief in the motto “only talent performs”, by promoting international and local personalities from various sectors that have been an inspiration to others.