13 July 2017
- Global Banking & Finance Review has recognised Cecabank as Spain's best custodian bank.
- The main reasons include: the service quality offered by Cecabank, its leading position on the Spanish market and the solvency of the institution
Cecabank has been recognised as Spain's best custodian bank by the prestigious European publication Global Banking and Finance Review. The award recognises the excellence of customer service, leadership in securities services and the solvency of Cecabank, with a core capital ratio of 31.87% at the close of 2016, one of the highest in the European Union.
The winner is chosen by a jury form among the nominations proposed by the magazine's subscribers. The jury takes into account different factors when making the choice. Some of these include leadership, innovation, the quality of the product offered and customer service. Corporate governance, an aspect where Cecabank meets the highest international standards, is another relevant factor.
Furthermore, Cecabank stands out due to its solvency. This is one of the most valued characteristics of a company that provides post-contracting securities services. Good business growth, prudent management and the strength of its own resources enabled Standard & Poor's to improve its outlook this year. Thus, the company roes from "stable" to "positive," with a BBB level rating. This rating is one of the highest in domestic banking.
Innovation
Cecabank's ability to innovate has also been recognised with the Global Banking & Finance award. The firm has recently launched its 2017-2020 Strategic Plan. Among other aspects, it strengthens its current leadership position on the securities services market by increasing its offer of new services. These are offered by creating ecosystems with other banks, technology companies and fintech companies.The aim is to facilitate customers' digital transformation. The company has managed to make good use of the opportunities of the Target 2 Securities reform. It has also taken advantage of the European regulations that boost the figure of independent depositaries and separation with respect to the management of investment products.
Cecabank seeks to expand its customer base over the next three years. Similarly, it plans for and seeks to maintain an ROE ratio of between 9% and 11% in 2020 (compared to 8% in 2016).
José María Méndez, the CEO of Cecabank, gave his view. “Global Banking & Finance Review's recognition is an acknowledgement of the work of all the people who, every day, enable our company to offer the best service. It is an incentive that encourages us to continue developing the best and most comprehensive solutions for the financial industry".
