Published : 2 years ago, on 30/05/2023

Creand Crèdit Andorrà CEO Xavier Cornella on Consolidating a Bank for the Future

The Crèdit Andorrà Group has completed the unification of the Creand brand in Andorra and internationally, one of the major goals of the 2020-2023 Strategic Plan. The process began in 2020 with the international subsidiaries and was completed this year with the rebranding in Andorra. The group is entering a new era, projecting its solid track record into the future.

Creand is a global financial services group offering a personalised and specialised private banking and asset management service. It is the market leader in Andorra and has a presence in other major financial hubs of Europe and America, such as Spain, Luxembourg and Miami.

Creand Crèdit Andorrà’s award-winning success is ongoing in 2023, once again being named as Andorra’s Best Digital Bank and Best CSR Bank at the annual Global Banking & Finance Review Awards.

Xavier Cornella

When Creand Crèdit Andorrà CEO Xavier Cornella met with Wanda Rich, Global Banking & Finance Review editor, he explained the reason behind the bank’s good performance in the last year. “It stems from the fulfilment of our 2021-2023 Strategic Plan, underpinned by the development of strategic alliances and corporate operations, to strengthen our leadership in Andorra and consolidate our international presence in the main markets in which we operate,” he began. “We have continued to strengthen operations and improve profitability with a business volume exceeding EUR 25 billion in 2022, 19.7% more than in 2021.”

The Creand group consolidated the growth trend in its main business figures, and in 2022 achieved EUR 43.1 million in profits, 30.7% higher than the previous year. Moreover, its international growth continued its upward trend with a 14.8% increase in international business volume. “This growth, coupled with our specialisation in products and services that increase differentiation and added value, are the drivers that have enabled us to reinforce our position as a solid group that grows stronger every year,” he said. “This means we are able to successfully deal with the challenges presented to us by our shareholders, customers, employees and the country as a whole.”

Strategic operations have been key to this growth, he explains, citing the example of the acquisition of Vall Banc, whose integration process was completed in June 2022 and which led to significant growth last year. “This acquisition has enabled us to bolster our growth plan and become more competitive in the private banking business, complementing the sustained organic growth that the bank has been enjoying both in Andorra and globally in recent years.

“At the same time, it consolidates our leadership in Andorra and strengthens our long-term commitment to the country’s economic and social progress. In turn, we have been able to accelerate the achievement of the targets set out in the 2021-2023 plan, both in terms of business volume and profits.

“This operation was executed with the utmost agility and efficiency, and was financed entirely with our own funds. The result is a stronger and more robust group. This has a direct impact on our capacity to serve customers, particularly in the private banking segment in which Vall Banc specialised, and to respond to the country’s future challenges. We have also been able to integrate the best talent from both banks, giving us a highly professional and specialised team.”

Another of the group’s 2022 achievements that contributed to its good results was the international brand unification process of Creand, Xavier revealed. “The rebranding allowed us to increase synergies, be more efficient and effective in terms of business and communication, and unify the sense of belonging among the people who form part of the group. The process will culminate this year with the change of the brand in Andorra. It represents a major step forward for us as an international financial services group.”