22 June 2020
- This is the fourth consecutive year that Global Banking & Finance Review has awarded the institution this recognition
- The institution consolidates itself as the leading bank in Securities Services in Spain
- Cecabank has achieved this position in a context marked by COVID-19, thus demonstrating its ability to maintain its levels of service and business continuity in complex situations, in addition to confirming the advantages of independent depositaries
For a fourth consecutive year, Cecabank has been chosen as the best custodian bank in Spain by the specialist magazine Global Banking and Finance Review. This award represents further acknowledgement of the bank's leadership as a depositary and its outstanding position in post-trading activity in Spain.
Global Banking and Finance Review is a European publication which grants this award to one of the institutions nominated by the magazine's subscribers. The publication assesses different aspects of the institutions when selecting the winner. It takes into account factors from improvements in innovation to achievements and significant progress at the corporate level.
The award for best custodian bank in Spain 2020 is highly recognised in the financial sector. Cecabank has received the award mainly for its leadership and specialisation in Securities Services, one of the company's four business lines. The other three lines are Treasury Management, Payments and Digital Solutions. The award also demonstrates the institution's solid solvency, with one of the highest CET1 in the Spanish banking system.
Cecabank is chosen as the best custodian bank in Spain 2020: consolidated leadership
The recent strategic agreements reached with Kutxabank and Bankia for the transfer of depositary business to Cecabank will raise the total equity deposited with the bank to 160 billion euros. These transfers come on top of the growth in customers with assets under custody at Cecabank, which will total 180 billion euros by year-end. Cecabank will hold the savings of almost 9 million participants, corresponding to eight of the twelve largest Spanish financial groups.
This position strengthens Cecabank's leadership as a depositary bank in Spain. What's more, it demonstrates an extensive capacity to close agreements and maintain service excellence during the current COVID-19 pandemic.
The agreement with Bankia entails transferring its institutional depositary business for investment funds, SICAVs and pension funds managed by Bankia Fondos and Bankia Pensiones, with a total volume of 26 billion euros.
As regards Kutxabank, Cecabank is responsible for the depository of Kutxabank Gestión, Kutxabank Vida y Pensiones and Baskepensiones. The transfer was completed during the lockdown period. The success of this process demonstrates the robustness of the leading depositary institution's systems and teams. Likewise, it shows that its has maintained its standards of excellence despite much of the team working remotely.
Improved safety and market standards
The separation of depositary activity from marketing or management allows participants in collective investment vehicles to have greater security and meet the best market standards.
In the words of José María Méndez, CEO of Cecabank: “Receiving this award again is an acknowledgement of the work, commitment and expertise of all the people who, every day, enable our company to offer the best service. The depositary is key since it is part of the financial value chain, guaranteeing the existence of the assets and supervising the manager's activity when it comes to making its investment decisions. In addition, the depositary holds fixed-income assets and equity assets and fund liquidity, and is involved in collections, payments, subscriptions and redemptions, as well as verifying ownership of the assets. This becomes even more important when situations such as we are currently facing occur. Our people are continuing to provide our customers services with the same capacity, dedication, availability and independence as always. Being a strategic partner to managers is our mandate for the future".
