Andorra’s MoraBanc has been started as a family-run business which later turned into a financial group serving individual and corporate customers. As of now, the bank focuses on innovation and digital progress while prioritizing customer support.
Among key products:
- Individual accounts and cards;
- Saving accounts;
- Loans and mortgages;
- Business accounts for companies of any size;
- Private banking;
- Asset management;
- Online broker.
MoraBanc offers products for various age and professional groups. As such, it has products for individuals up to 15 years, between 16-30 age, 30+ adults, public employees, freelancers and professional association members.
Other products target different life situations, for example, organizing a wedding, buying a property, travelling, buying a car, studying, planning a retirement. With this diversification, anyone can find a suitable product.
Opening an Account
Customers wishing to open an account need to submit an application and provide with the following documents:
1. ID documents for individuals:
- original copy of passport or a valid ID document
- copy of an utility bill
- letter of reference from a bank, bank account statements for the past year, a copy of the last tax return, and, in certain cases, a residency certificate
- tax statement
- proof of the source of funds, such as payslips, bills, or bank statements
2. Company documents for corporate accounts:
- documents that accredit business activity
- tax statement
Bank of the Year 2021
MoraBanc has been awarded as the Bank of the Year 2021 by the Banker, a reputable banking award. It was noted that MoraBanc was increased by 7.8% in capital position and expanded internationally in 2020. Another key success achievement is product and service innovation, notably “three-times paycheque loan” highly demanded during pandemic, bank’s digital transformation plan, online banking. In October 2021 MoraBanc acquired 51% of Banco Sabadell d’Andorra which would potentially increase the bank’s net profits in forthcoming years.