Banca Privada d’Andorra (BPA) Update

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As we promised you last week, here is an update on the situation with the
Banca Privada d’Andorra (BPA).

This week BPA’s regulator confirmed that:

1. As of 31st of July BPA bank will stop it’s existence
2. Until that date the bank is required to meet all account holders in
person
3. There will be a new bank created to which clients will be
transferred, all that had complied with the personal visit requirement
and had met PWC’s requirements
4. Bank’s employees will also be transferred to the new bank
5. The purpose of the new bank is to continue banks operations until
sold to a local or a foreign bank.

Many clients had already traveled to Andorra and met the requirements.
The auditors will begin informing next week about results of their due
diligence check.

It is important that all account holders provide supporting documents
for the balances held with BPA as well as provide information concerning
their professional activity.

We will provide more information once available.

Best regards,
The Q Wealth Team.

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8 thoughts on “Banca Privada d’Andorra (BPA) Update”

    • Dear Mr. Grimm, Thank you for your comment. We are working on determining what options exist for those that cannot go to Andorra. As soon as there is more information we will be able to let you know. Thank you again for your comment.

  1. How does this affect BPA Panama? Is the Andorra visit requirement for account holders with an account directly in Andorra only?

    • We have information that the topic is being addressed at BPA and we are waiting for more definitive information before passing it along. So we will let you know as soon as we know. Keep an eye on our free weekly newsletter Q Bytes, as that is most likely where the most recent information will be released. Thank you so much for taking the time to leave us a comment!

  2. When the bank account was opened I traveled to Andorra, met with the personnel, and provided all requested information with supporting documents. Do I still need to travel there again?

    • Thank you so much Nancy for your comment. We have information that the topic is being addressed at BPA and we are waiting for more definitive information before passing it along. So we will let you know as soon as we know. Keep an eye on our free weekly newsletter Q Bytes, as that is most likely where the most recent information will be released.

  3. I have the same concern as it is impossible to travel that distance. Is there a possibility of meeting in Montevideo? I don’t know if this office is still open for their south American clients but it would certainly facilitate responding.

    • Nice to hear from you again Ms. Coleman! We have information that the topic is being addressed at BPA and we are waiting for more definitive information before passing it along, as I mentioned below. So we will let you know as soon as we know. As always, keep an eye on our free weekly newsletter Q Bytes, as that is most likely where the most recent information will be released.

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