Cecabank began to operate on Thursday with €728 million of equity capital and €16.45 billion in assets. The new financial services entity, set up by the associates of Spain’s confederation of savings banks or Ceca, boasts a core capital ratio of 13.6 percent, the organisation said in a press release.
The shareholders of Cecabanks are the confederation itself, with 89 percent, and owners of the old participation certificates of Ceca, which have become shares after independent valuation.
According to the confederation, Cecabank will work on wholesome markets and will not provide services to individuals. “Cecabank is a stand alone loan institution, providing services to savings banks, associated organisations and other customers in the financial sector as well as other service areas. As such, Cecabank offers a set of financial, technological and consultancy services and products,” Ceca explained.
Cecabank will offer a securities custody and settlement service both in Spain and internationally, with access to more than 50 markets worldwide. Its depositary, that holds more than €35 billion in investment funds, investment companies with variable capital and pension funds, carries out all securities supervision, control, custody and management activities.
The Treasury room at Cecabank has a presence on the most important financial asset, derivatives and currency trading systems. Cecabank is also a founder of the Spanish public debt market and is a member of various central counterparties. The banknote service includes the exchange, collection, delivery and payment of banknotes in foreign currencies, for which it is the main agent on the Spanish market.