Cecabank Annual Report 2014

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What competitive advantages
does the operations service
provided by Cecabank offer?
Cecabank, as a bank focused on
providing services to other
banks and financial institutions,
occupies a privileged position from
which to deliver services relating
to any institution’s operations
area, given that these services
require rigour, specialist
knowledge, and dedication.
Cecabank contributes these
values and this is reflected by
our advantageous position in
representation services in cash
clearing houses and in securities
custody and depositary for
collective investment undertakings
(CIIs) and pension funds (PFs).
What is the volume of CII and PF
assets deposited with Cecabank?
What institutions entrust their
depositary function to Cecabank?
Cecabank ended the 2014
business year with over 64 billion
euros deposited in investment
funds, SICAVs and pension funds.
The reform of the securities
clearing, settlement and
registration system will mean
that many institutions that had
internal settlement and custody
systems will need to entrust
this activity to partners such as
Cecabank, in view of the increased
costs of not doing so, and the
impossibility of providing an
adequate service unless handling
significant volumes.
In recent years Cecabank has
acquired various businesses
relating to securities deposit and
custody. Does Cecabank plan to
continue this activity in 2015?
Cecabank, as Spain’s top
independent depositary, aims
to continue its growth based on
various strategies, which we apply
according to parameters such as
volume, business plans, installed
capacities, etc.
We do not rule out any
options a priori, but all our actions
in this respect are based on
our values: the art of prudence,
rigorous knowledge, and openness
to change.
Cecabank works with over
15 investment fund and pension
managers, including InverCaixa,
VidaCaixa, Ibercaja Gestión, Ibercaja
Pensiones, Banco Madrid Gestión,
AVIVA, CASER, Ahorro Corporación
Gestión, CNP, and Abante.
What are Cecabank’s business
volume targets for 2015?
In 2015 we expect to grow in
terms of assets deposited to reach
75 billion euros, increase the
number of institutions to which we
provide custody and depositary
services, and maintain our position
regarding the representation
services we provide, both vis-à-
vis Iberpay and other European
clearing houses.
What is Cecabank’s position
with regard to the regulatory
challenges in the operating
environment?
The regulatory changes taking
place and their current trend
confirm Cecabank’s strategic
commitment, as it is this
regulatory situation that means
that the services we provide have
to be implemented by institutions
with broad specialisation that can
obtain economies of scale.
Increasing demands on
depositaries in UCITS, the EU
Regulation on alternative funds,
and the new Regulations on
CIIs and pension funds are a
clear example of how regulatory
pressure confirms that the
depositary’s independence and
specialisation represent the model
to follow, and Cecabank is the
benchmark in this respect.
Francisco Javier Planelles Cantero, Operations Director
Securities Services
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