d andorra type sociedad an nima industry financial services headquarters escaldes engordany andorra products private banking asset management operating income 30.69 million 2013 1 profit 20.54 million 2013 1 total assets 3346.91 million 2013 1 total equity 299.76 million 2013 1 number of employees 556 2013 1 website web.archive.org web 20121010163712 https www.bpa.ad banca privada d andorra bpa is a banking entity with 100 % andorran capital that was founded in 1957 . contents 1 history 2 march 2015 money laundering crisis 3 subsidiaries 4 asset management 5 corporate responsibility 6 see also 7 references 8 external links history edit banca privada d andorra was created in 1957 under the name of banca cassany and began its activities in 1958 . in 1993 caixa catalunya 2 became a shareholder and the entity changed its name to banca privada d andorra sa . starting in 2000 when caixa catalunya was no longer a shareholder of bpa the bank became controlled by 100 % andorran capital . in 2003 bpa began an international expansion plan to consolidate its presence worldwide and now it is present in six countries . as part of its growth plan in spain in july 2011 bpa acquired banco madrid a private banking entity which was owned until then by kutxa caja de ahorros de guip zcoa y san sebasti n . with this operation bpa became the first andorran entity to obtain a banking license in spain . 3 also in 2011 bpa completed the purchase of the securities firm interdin s.a. which is ninth in a ranking of companies per trading volume . citation needed the expansion process in spain continued in 2012 when bpa increased its managed resources volume by 50 % by the purchase of the asset managing company nordkapp which was owned by banco de valencia . 4 in january 2013 banco madrid bpa s spanish subsidiary announced the purchase of the assets managing company liberbank gesti n and developed collective investment products in a single company banco madrid gesti n de activos . 5 in march 2014 banco madrid purchased banco mare nostrum bmn and started managing its investment funds . with the incorporation of bmn gesti n de activos banco madrid took its place in the inverco who ranking among the top15 institutions in volume of assets under management with investment funds and sicavs of more than 4 500 millon . 6 march 2015 money laundering crisis edit on march 10 2015 the united states department of the treasury said that bpa is a primary money laundering concern involving four us correspondent banks criminal groups in russia and china and venezuelan money launderers . the board of directors and three of the bank s managers were suspended as of 11 march 2015 by the insititut nacional andorr de finances . 7 on march 13 the chief executive officer joan pau miquel prats was arrested and imprisoned 8 spanish and andorran regulators took over control of bpa and its subsidiary banco de madrid . on march 16 banco de madrid ceased operations and applied for protection from creditors after funds withdrawals . 9 subsequently withdrawals for those holding accounts were capped at 2 500 per week . bpa s assets are nominally assessed at 3 bn . far exceeding the andorran government s annual budget of 400m . should the bank fail it would be virtually impossible for the government to support it . the bank may be sold or put into administration . the situation has also raised questions about the solvency of the province s other major banks . 8 the non toxic assets of the bank have been put into newly created vall banc which was sold to j.c. flowers . 10 11 there are more than 500 depositors of the bank who have grouped together around plataforma d afectats bpa 12 and are initiating a class action against the government of andorra specifically inaf for alleged mismanagement and gross misconduct in their management of bpa . inafs management engaged pricewaterhousecooper pwc to carry out an audit of the banks depositors to separate good clients from bad . the fee negotiated for this service was 30 million euros and was paid directly to pwc . such an amount represents 14 % of the bpa group total available assets ; an amount disputed by depositors on the class action forum . 13 subsidiaries edit bpa has subsidiaries in six different countries citation needed in andorra banca privada d andorra sa in spain banco madrid s.a. bmga sgiic s.a.u interdin bolsa s.v. s.a. in switzerland bpa ipwm s.a. in luxembourg bpa financing s. r.l. in panama banca privada d andorra panam s.a. bpa valores s.a. in uruguay noswey s.a. asset management edit at the end of 2013 the bpa group s total volume of assets under management had reached 7 074 million euros of which 3 660 million corresponded to its activities in the spanish market through its subsidiary banco madrid . 14 corporate responsibility edit in 2013 bpa earmarked 21.02 % of its profits to activities related to corporate responsibility in the economic social and environmental fields . social initiatives which include employment aspects community programs and sports activities represent 94.54 % of the resources that bpa intended for corporate responsibility . citation needed in 2013 the group got ratified its certification as a family responsible company awarded by the fundaci n m sfamilia who with the approval of the spanish ministry of health social policies and equality . bpa performs most of its corporate responsibility activities through the private foundation banca privada d andorra a not for profit organization that was founded in 2008 with the objective of encouraging projects and services to improve the lives of citizens from welfare social employment and environmental 15 perspective.the foundation promotes its own projects and other initiatives in collaboration with andorran associations and entities and its priority actions include the integration of vulnerable groups and training professionals in the social field . citation needed see also edit list of banks in andorra references edit a b c d e bank profile banca privada d andorra la vanguardia 6 november 1993 . caixa catalunya entra en andorra con la compra del 70 % de banca cassany . . banca privada d andorra . banca privada d andorra compra banco madrid . archived from the original on may 17 2014 . banco de madrid 20 november 2012 . banco madrid completa la integraci n de nordkapp . pdf . archived from the original pdf on june 20 2013 . banco de madrid 25 march 2013 . banco madrid hace efectiva la compra de liberbank gesti n. pdf . archived from the original pdf on may 19 2014 . banco de madrid 25 march 2014 . banco madrid y bmn hacen efectiva la compra venta de bmn gesti n de activos pdf . archived from the original pdf on may 17 2014 . press release of inaf on former website of the bank accessed 1 april 2015 . a b james titcomb andorra on the brink of europe s next banking crisis daily telegraph 30 march 2015 accessed 30 march 2015 macarena munoz and todd white 2015 03 16 . banca privada d andorra s spain unit seeks creditors protection . bloomberg . andorre lance le processus de vente de la bpa . www.romandie.com . retrieved 2016 01 23 . fitch affirms banca privada d andorra ; withdraws ratings . reuters . 2016 04 27 . retrieved 2016 08 13 . plataforma d afectats bpa . www.afectatsbpa.com . retrieved 2016 02 10 . depositors class action forum . www.bpabankclassaction.com . el peri dic d andorra 31 may 2013 . bpa creix un 17 % i arriba als 20 5 milions de beneficis . banca privada d andorra . fundaci n privada banca privada d andorra . external links edit banca privada d andorra banco madrid interdin associaci de bancs andorrans aba association of andorran banks institut nacional andorr de finances inaf andorran national institute of finances bpa banca privada d andorra bank class action forum retrieved from https en.wikipedia.org w index.php title banca privada d % 27andorra & oldid 739401928 categories banks of andorrahidden categories all articles with unsourced statementsarticles with unsourced statements from march 2015all articles with specifically marked weasel worded phrasesarticles with specifically marked weasel worded phrases from march 2015 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages catal espa ol edit links this page was last modified on 14 september 2016 at 13 34 . text is available under the creative commons attribution sharealike license ; 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