The Andorran Bank MoraBanc has entered Spain with the opening of a brokerage firm in Barcelona, in a move aimed at accelerating the firm's expansion plans.
MoraWealth, the new firm, will offer a range of financial services to clients ranging from advisory and discretionary portfolio management to the placement of clients' orders for the sale and purchase of securities.
The launch raises to four the number of branches the Andorran group has abroad and is in line with the firm's expansion plans recently announced.
In an interview last year, the company's CIO Lorenzo Casaus told this publication that their top immediate priorities were to enhance the discretionary and advisory services to clients through the agreement with Goldman Sachs AM (GSAM) while focusing on those strategies that could generate alpha.
Casaus said: "Another important priority, at a company level, is to continuing the digitalisation of the bank, since part of our value proposal is based on innovation while on delivering the best solutions to our clients. To do so, the bank is not only developing in-house solutions but also partnering with the most innovative technology suppliers/fintechs."
The Andorran bank had signed a strategic partnership with GSAM in December 2018, which gave MoraBanc's clients access to GSAM's range of investment portfolios designed by the US investment bank specifically for the Andorran group.
Lluís Alsina, general director of MoraBanc Group, said in a statement that the arrival to Spain responds "to the Strategic Expansion Plan and the aim to have presence in a natural market for us, at a time of growth."
Carles Guimerà Sala will be leading the new firm. He brings to MoraWealth over 25 years' experience in the financial sector in the areas of treasury and capital markets, as well as in private banking. He takes on his new responsiblity from the capital markets department of MoraBanc, where he has been working for the past six years. Before, he had worked at Caixa Catalunya and Bank of America.
As of April 2019, MoraBanc managed €6.54bn in assets, split 81% private banking; 10% institutional; and 9% wholesale.