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
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
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.
The Q Wealth Team.