Creand Group: A Model of Committed Banking

Creand (formerly Crèdit Andorrà) is a global financial services group with nearly 75 years of experience and expertise in retail banking, private banking, asset management and insurance. The vocation of service and closeness to customers has defined and guided the bank throughout its many decades of operation. It is the leader in customer AUM and loan investment in Andorra, and has a significant presence in other financial centres in Europe (Spain and Luxembourg) and America (Miami). In these markets, it offers a personalised and specialised private banking and wealth management service in a boutique format.

Creand is a financial group focused on innovation, being a pioneering model of committed banking, and working to deliver value to its customers, employees and shareholders, as well as society as a whole. It is committed to social and environmental sustainability, aiming to generate a positive impact on customers, society and the planet.

Recent successes have earned Creand the accolades of Best Digital Bank Andorra and Best CSR Bank Andorra at this year’s Global Banking & Finance Awards. This comes in the wake of another successful year of operation for the group, having closed 2023 with a business volume of EUR 27.62 billion, 10.47% more than the previous year and over 14% above target, and a significant profit increase to EUR 71.3 million.

Global Banking & Finance Review editor Wanda Rich asked the CEO of the Creand Group, Xavier Cornella, about the critical factors that made these achievements possible. “In recent years, Creand has developed a strategic business plan based on specialisation, innovation and excellence in customer service,” Xavier began. “This has allowed us to consolidate our leadership position in Andorra and achieve sustained growth in the other markets in which we have a presence. The organic growth experienced in the past few years has been complemented by some corporate transactions that have enabled us to consolidate our presence in different geographies.”

One catalyst for this was the acquisition of Vall Banc, the private banking specialists in Andorra, which accelerated the objectives of Creand’s 2021-2023 plan. “This meant the bank was able to strengthen its position in this business area. In Spain, where the bank has seen remarkable growth in recent years, the acquisition of the high net worth advisory and family office business of GBS Finance has allowed us to create the Creand Family Office division within the structure of Creand Asset Management. From here, we offer a comprehensive and high-added-value service to customers.”

“Over the last financial year, profits have increased in an atypical context, given the swift rebound in interest rates,” Xavier added. “In addition, the consolidation of the synergies obtained from the aforementioned acquisitions, as well as the good performance of the international business and the insurance business, made a significant contribution to this growth.”

Through the strategic plan for the next three years, Creand is well-positioned to build on these successes. “The new 2024-2026 strategic plan is geared towards growth in product and service specialisation, strengthening the commercial and management team, continuing to drive innovation and digital transformation and ensuring global efficiency, all with the aim of improving financial services,” Xavier reported. “In terms of geographies, Creand is aiming to bolster its leadership in Andorra while being an active part of the country’s economic and social progress. On the other hand, having consolidated our presence in Spain, Luxembourg and Miami in recent years, another aim is to further secure the business model in these territories, with a focus on the personalisation of services, the creation of differentiating products and services and enhancing resources for the digital transformation. This will undoubtedly lead to better customer service and improved operational efficiency.”