Andbank and Creditas sign strategic partnership in Brazil
• Creditas will acquire the banking license of Banco Andbank (Brasil) S.A. while Andbank will continue operating the private wealth and asset management business in a partnership with Creditas, fintech backed by Softbank, Fidelity, Wellington, QED, Kaszek, VEF, Santander among others. • Creditas and Andbank have signed an agreement to provide Creditas new sources of funding and purchase collateralized loans, giving both companies more attractive economics and significant avenues for growth.
São Paulo, July 8th, 2022
Andbank and Creditas have signed a strategic agreement that will help both institutions to maximize their growth. Subject to regulatory approvals, Andbank Brasil – a firm specializing in private banking and asset management, present in Brazil since the year 2011 and with R$8 billion in assets under management – will sell its banking license to Creditas, a leading fintech platform for secured and specialized financial solutions. After this operation, Andbank will continue operating in the country as a broker dealer (DTVM) and asset management company.
Creditas is acquiring the banking license of Banco Andbank (Brasil) S.A., a bank that after the approval of a share capital increase, will have R$450 million in equity value. The transaction valued at approximately R$500 million is subject to the approval of relevant authorities including Banco Central do Brasil (BCB), Autoritat Financera Andorrana (AFA)and Conselho Administrativo de Defesa Econômica (CADE).
The agreement also includes the possibility that Creditas will be a minority shareholder of Andbank private banking business providing support to Andbank in the development of a stronger private wealth franchise in Brazil. At the same time, Andbank is planning to be a minority shareholder of Creditas.
In addition, the deal will allow Andbank to purchase collateralized loans from Creditas. Uniting the advanced credit-underwriting capabilities of Creditas with Andbank’s ability to access investors will provide both companies with more attractive economics and significant avenues for growth.
“We have known the Andbank’s team for years, they have a global brand very respected in Brazil. With this operation, we will be able to continue our fast growth with deposits as an additional source of funding. Capital markets will remain our main source of capital and now will be working together with the Andbank team to innovate in our capital markets funds including FIIs, FIDCs and CRIs.”, Sergio Furio, Founder & CEO of Creditas, adding “Andbank has a track record of partnering with fintech companies in Brazil, having been a pioneer in providing banking services to allow others to innovate. They have also been successful in building a mortgage-focused digital bank in Spain, a very competitive market.”
According to Carlos Foz, CEO of Andbank Brasil, “we will continue to offer the same private banking and asset management service to our clients with the same team of advisors, analysts and investment managers. Following the operation with Creditas, Andbank Brasil will continue with the country’s expansion plan that includes the opening of new offices and new acquisitions”.
Creditas is the leading fintech platform for secured and specialized financial solutions focused on improving the lives of individuals in Latin America across 3 ecosystems: auto, home and employee benefits. The company provides a complete offering to its customers including fintech solutions, digital insurance and consumer solutions, using proprietary technology to deliver a unique customer experience. Its loan portfolio includes real estate, vehicle, and payroll-collateralized loans, providing access to different solutions and services with integrated financing and refinancing options. In consumer solutions, Creditas offers home renovation solutions, a proprietary online used car retail platform (Creditas Auto) and after its strategic investment in Voltz Motors, next generation EV motorcycles and scooters. In digital insurance, the company is the largest independent insurance broker in Brazil providing auto, residential and employment insurance in partnership with more than 16 carriers.
Founded in 2012 by Spanish Sergio Furio, it employs 4,000 people in Sao Paulo, Curitiba, Porto Alegre, Recife, Valencia (Spain), and Mexico City. International venture capital funds have invested over US$829 million in the company, and it has been ranked by KPMG, Business Insider, and Glassdoor as one of the world's most promising fintechs.
Andbank is a multinational group specializing in Private Banking with more than 30 billion usd in asset under management, more than 70 offices in 11 countries and a team of more than 1,200 professionals.
The firm stands out thanks to its network of bankers and specialists, with a wide range of experience in private banking and asset management.
Andbank has AAA Fitch rating in Brazil, where is present the year 2011. Andbank Brasil is the result of the merger of Banco BRACE, LLA Investimentos Triar and Capital. It manages 8 billion reals ($2 billion), has a staff of around 150 people and has private banking centers in Sao Paolo, Rio de Janeiro and Porto Alegre.
Andbank is one of the most dynamic firms in the private-banking sector. In 2018, it launched the neobank MyInvestor in Spain that offers deposits, low cost and digital mortgages and investment digital solutions. In 2019 it completed the integration of Grupo Merchbanc in Spain and in 2020 the business of Esfera Gestión and Bank Degroof Petercam Spain.
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