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Andorra Bank Eyes Argentina Wealth Management

Andorran private bank Andbank is working to add Argentina to its Latin American roster and looking to expand in Mexico and Brazil as tax amnesty programs unlock wealth in the region.

The micro-state’s largest bank, with 25 billion euros ($30 billion) under management, is trying to obtain a license to operate as a global investment adviser in Argentina under the new rules approved last year by the country’s regulator, said Carlos Moreno, Andbank’s managing director and head of Americas. 

“We should be operational in the first half of the year, one of the first banks to be using this new type of license,” he said in an interview at the Andbank’s office in Miami. Just to start, the plan is to have about five “local global advisers” to manage clients’ wealth from Argentina booked in other countries, Moreno said.

Andbank, which already named Gonzalo Tarasido to head up the effort in Argentina, is also considering partnerships with brokerages in the country.

Andorran private bank Andbank is working to add Argentina to its Latin American roster and looking to expand in Mexico and Brazil as tax amnesty programs unlock wealth in the region. The micro-state’s largest bank, with 25 billion euros ($30 billion) under management, is trying to obtain a license to operate as a global investment adviser in Argentina under the new rules approved last year by the country’s regulator, said Carlos Moreno, Andbank’s managing director and head of Americas.  “We should be operational in the first half of the year, one of the first banks to be using this new type of license," he said in an interview at the Andbank’s office in Miami. Just to start, the plan is to have about five “local global advisers” to manage clients’ wealth from Argentina booked in other countries, Moreno said. Andbank, which already named Gonzalo Tarasido to head up the effort in Argentina, is also considering partnerships with brokerages in the country.Andorran private bank Andbank is working to add Argentina to its Latin American roster and looking to expand in Mexico and Brazil as tax amnesty programs unlock wealth in the region. The micro-state’s largest bank, with 25 billion euros ($30 billion) under management, is trying to obtain a license to operate as a global investment adviser in Argentina under the new rules approved last year by the country’s regulator, said Carlos Moreno, Andbank’s managing director and head of Americas.  “We should be operational in the first half of the year, one of the first banks to be using this new type of license," he said in an interview at the Andbank’s office in Miami. Just to start, the plan is to have about five “local global advisers” to manage clients’ wealth from Argentina booked in other countries, Moreno said. Andbank, which already named Gonzalo Tarasido to head up the effort in Argentina, is also considering partnerships with brokerages in the country.Andorran private bank Andbank is working to add Argentina to its Latin American roster and looking to expand in Mexico and Brazil as tax amnesty programs unlock wealth in the region. The micro-state’s largest bank, with 25 billion euros ($30 billion) under management, is trying to obtain a license to operate as a global investment adviser in Argentina under the new rules approved last year by the country’s regulator, said Carlos Moreno, Andbank’s managing director and head of Americas.  “We should be operational in the first half of the year, one of the first banks to be using this new type of license," he said in an interview at the Andbank’s office in Miami. Just to start, the plan is to have about five “local global advisers” to manage clients’ wealth from Argentina booked in other countries, Moreno said. Andbank, which already named Gonzalo Tarasido to head up the effort in Argentina, is also considering partnerships with brokerages in the country.

 

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