The effort to become Bank of the Year
News | 12.17.2018 | MoraBanc editorial staff
MoraBanc has won the Bank of the Year in Andorra award 5 times in the last 10 years. Over and above this honour, prizes are a good way of thanking a company’s team for all of its hard work and dedication.
MoraBanc has been designated as Bank of the Year 2018 in Andorra by the magazine The Banker, of the Financial Times Group. Behind the award is the effort of all of the people who work at MoraBanc to hit a target that is now a reality: growth.
The Banker’s panel of judges recognised the ability to generate profits and gain a competitive edge to give better customer service, a target achieved in the case of MoraBanc, based on four main reasons highlighted by the Financial Times Group’s publication: its strength and high solvency, its successful digital transformation, its fast and efficient adaptation to the requirements of international regulations, and its ambitious plan for growth.
How does The Banker’s Bank of the Year award work?
The Banker is a leading publication in the banking sector. It is a magazine published by the Financial Times Group with a print run of around 30,000 copies that are distributed to financial marketplaces worldwide. In addition to publishing, it runs a number of prestigious awards amongst which the Bank of the Year award stands out. Banks from each country must submit their applications based on solid financial indicators and answering different questions asked by the panel of judges. Using this information, the judges comprising journalists from the magazine and banking experts decide on the winner from each country and region.
Having reached its targets in the transformation plan rolled out over the past three years, MoraBanc is now looking to the future with the aim of continuing to grow in the coming financial years. The new strategic plan anticipates making a profit of 30 million euros in 2021 as Andorra’s leading bank.
Following a 3.6% increase in profits in 2017, the bank continued to grow in 2018 as reflected in the figures released showing its results for the first six-month period: between January and June the resources of MoraBanc’s customers rose by 6.4% and loans by 5%.
The strategic plan for the next three years is based on three core approaches: the growth of business in Andorra with continued improvement in its value proposition, a forecast of international growth in line with the upward trend over recent months, and investments in technology to increase productivity.
This award given by The Banker endorses MoraBanc’s good strategic management over the past few months. It also received other awards in 2017 such as the ones from the magazine World Finance for best Online Bank and the best banking app in Andorra, and the award for best Commercial Bank in Andorra by the publication the International Banker.
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