17 July 2019
- Spain's main depositary bank has reached a record number of assets under custody. This makes it the leading custodian of securities for Spanish customers
During the first half of 2019, Cecabank increased both its assets under custody and the volume of assets deposited. It achieved all of this despite low interest rates and high market volatility.
In the last year, the bank has increased its volume of assets under custody by 14%.Thus, it now has €152,000 million in assets under custody. This growth is due to the ongoing incorporation of customers for the international securities custody service. These customers include Bankia and CaixaBank.
Income from depositary services increased by 5.4% to Euros 113,000 million. This is higher than the rise achieved by the rest of the sector, where collective investment institutions recorded an increase of 4.2%. The basis for this improvement was the growth of assets managed by the 25 management companies for which Cecabank provides its services.
Cecabank is different
This record consolidates Cecabank's strategic approach and makes it the main provider of Securities Services in Spain. What makes Cecabank different is that it is independent, as it does not belong to a retail banking group. It is also neutral, is it focuses on the custody and depositary business, and does not offer asset management services.
Cecabank ensures that excellence and quality of service continue to be one of the main foundations of its Securities Services unit. This has been recognised for the third consecutive year by the magazine Global Banking & Finance Review, which honoured it with the award for Best Custodian Bank 2019 Spain. In addition, and as a result of this effort to offer the best service to its customers, Cecabank has acquired AENOR Quality Management Certificates for the design and provision of Fund Depositary, Settlement, Securities Administration and Custody and Payment Management services.
Cecabank currently provides Securities Services to more than 70 fund managers in collective investment institutions, pension funds and voluntary contribution pension schemes, venture capital firms, credit institutions, insurance companies, and securities firms and agencies.
