trending Market Intelligence /marketintelligence/en/news-insights/trending/_EcQs3MpJcr7XB937vJtVQ2 content esgSubNav
In This List

Fitch withdraws Banca Privada d'Andorra's ratings

Blog

Banking Essentials Newsletter: January 11th Edition

Blog

Banking Essentials Newsletter December 21st Edition

Blog

The Road to Basel IV: Navigating the challenge facing European banks

Blog

Basel Framework- Utilizing data to analyze the capital position of European banks.


Fitch withdraws Banca Privada d'Andorra's ratings

Fitch Ratings on April 27 withdrew various ratings ofBanca Privada d'AndorraSA, including the long- and short-term issuer default of D, or Default.

Also withdrawn were the bank's "f" viabilityrating, 5 support rating and No Floor support rating floor. All the ratingswere affirmed.

The affirmation and withdrawal follow the approval of thebank's resolution by the Andorra Bank Resolution Authority, or AREB.The agency noted that it will no longer provide ratings or analytical coverageof the bank.

AREB on April 22 said it selected to Vall Banc, to which willbe transferred roughly 93% of Banca Privada's clients, representing about 68%of business volume.

The Andorran government intervened in Banca Privada in March 2015, after theU.S. Department of the Treasury said it found "reasonable grounds" toconclude that the lender was a primary money laundering concern.