15 November 2012
- Cecabank is founded with €16,448 million in assets, €728 million in equity, and a core capital ratio of 13.6%
This week, Cecabank begins to operate as a wholesale bank for financial services.This followed the attainment of the required authorisation from the Spanish Ministry of Economy and Competitiveness. It also follows the road map approved by the CECA Board of Directors at its March meeting.
Under the new structure, the governing bodies of CECA will continue to make decisions relating to the association, in defence of the interests of its members entities (savings banks), and those of the new wholesale bank, Cecabank, will be responsible for service provision.
Cecabank is founded with €16,448 million in assets, €728 million in equity, and a core capital ratio of 13.6%. Thus, the Spanish Confederation of Savings Banks follows in the footsteps previously taken by almost all its member entities by founding an instrumental bank.
The shareholders of the new bank are the Confederation itself, with 89 per cent, and the holders of the former participative shares of the association, that have turned into stock after the assessment made by an independent consultant, to whom the remaining 11 per cent corresponds.
Cecabank is a banking organisation focused on wholesale activity, that does not provide services to individuals. It aims to become a benchmark company on the Spanish wholesale financial market, in terms of business. Its portfolio of products and services provided to other financial institutions is structured on the following business lines:
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- Investment services: Securities and depositary.
- Treasury management.
- Technology and payment services.
- Consultancy and support services.
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