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Tuesday, 17 March 2015 10:38

Information on BPA and Banco de Madrid

We inform you that the Government of Andorra has recently approved a rule that imposes limits on the withdrawal of cash from the Banco Privado de Andorra entity by customers. At this time, the limit is set at 2,500 euros per week and per account. In addition, these accounts VISAS not work.

The establishment of this system "corralito" implies the need for customers advice on the effects it may have on their savings.

On the other hand, we reported that Banco de Madrid, Spain subsidiary of BPA, has been declared bankrupt, so their customers (78,000 people) may be disadvantaged economically.

If you need information, please contact our office for a study of their situation without cost to you.

David Figueras
Founding Partner of SF Lawyers