Cecabank takes over the depositary of Bankoa Gestión
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Cecabank takes over the depositary of Bankoa Gestión 09 July 2021Spain Reporter: Maddie Saghir
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Cecabank, the Spanish bank specialised in securities services, cash management, payments and digital solutions, has become the new custodian of Bankoa Gestión.
This follows on from Cecabank receiving Bankoa Gestión twelve investment funds and four Voluntary Social Security Entities (EPSV) with a total equity of €670 million euros, due to the acquisition of Bankoa Gestión by Abanca Banking Corporation.
With this new operation, Cecabank says it consolidates its leadership in securities services, while Bankoa joins the trend in the industry to separate depository activity from marketing and management.
Cecabank explains this allows participants in collective investment instruments to access greater professionalism and security.
Aurora Cuadros, corporate director of services operations of Cecabank, comments: “This operation guarantees the advantages for our clients of our independence and neutrality in the field of the depositary, and consolidates and expands our leadership in securities services.”
Javier Hoyos, director of Bankoa Gestión, suggests that having Cecabank as a depository is a great leap forward for the entity.
Hayos highlights: "A depositary is much more than a mere custodian of securities, it is a long-term partner for a management company. And our partner is the market leader.”
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