As tax-amnesty programs in Latin America continue to unlock wealth, one private bank based in a tiny micro-state situated between France and Spain is looking to boost its presence in the region in a bid to win new business.

Andbank, the Andorran private bank, is working to add Argentina to its Latin American roster and seeks to expand its footprint in Mexico and Brazil as tax-amnesty programs there increasingly unlock wealth. 

The landlocked micro-state’s biggest bank, with €25 billion ($30 billion) in assets under management, is looking to get a license to operate as a global investment advisor in Argentina under new rules approved last year by its regulator, Carlos Moreno, Andbank’s managing director and head of Americas, said.

“We should be operational in the first half of the year, one of the first banks to be using this new type of license," he told Reuters during an interview at Andbank’s office in Miami. Just to start, the plan is to have about five “local global advisors” to manage clients’ wealth from Argentina booked in other countries, Moreno said.

Andbank has already chosen Gonzalo Tarasido to lead its efforts in Argentina, and is also considering partnerships with brokerages there. 

The bank, which operates in 12 countries, is joining the likes of UBS, the world’s largest wealth manager, and Unibanco Holding in a race to manage some $200 billion of wealth unlocked by tax-amnesty programs in Latin America. Most of these assets, however, are booked outside the region in money management hubs like Miami. 

To reap potential rewards, Andbank last year formed a Brazillian desk in Miami, placing Carlos Gribel at its helm. Gribel also runs fixed income and Andbanc Brokerage in the Floridian city. 

The local presence in Brazil, where Andbank has a full bank license and about 85 employees, will also be bolstered. The lender plans to triple the business in one and half years, from 2 billion reais to 6 billion reais in under management, serving clients with at least 1 million reais, Moreno said.

“We are investing in technology and have an aggressive plan to hire at least ten independent advisors to broaden our presence; we want to be not only in Sao Paulo, but also in Rio, Belo Horizonte, Curitiba and Porto Alegre," he said.