Cecabank recognised as the best custodian bank in Spain
- The European publication Global Banking & Finance Review has recognised Cecabank as the best custodian bank in Spain.
- The service quality offered by Cecabank, its leading position on the Spanish market and the solvency of the institution (31.87% CET1 at the close of 2016), were the main reasons qualifying the bank for the award.
Cecabank, the benchmark Spanish bank in the provision of services to other financial institutions, has been recognised as the best custodian bank in Spain by the European magazine Global Banking & Finance Review. The award recognises the excellence of customer service, leadership in securities services and the solvency of Cecabank, with a core capital ratio of 31.87% at the close of 2016, one of the highest in the European Union.
The winner is chosen by a jury form among the nominations proposed by the magazine's subscribers. The jury's decision takes into account various factors, such as leadership, innovation, quality of the product offered, customer service and corporate governance, an aspect where Cecabank meets the most demanding international standards.
In addition, Cecabank stands out in one of the most valued characteristics of a company that provides post-contracting securities services: solvency. In fact, the good progress of the business, prudent management and the strength of its shareholder equity have encouraged Standard & Poor’s to improve the outlook of the institution from “stable” to “positive” this year, with a rating of BBB, one of the highest in domestic banking.
The ability of Cecabank to innovate has also been awarded the Global Banking & Finance prize. The firm has recently implemented its 2017-2020 Strategic Plan, which includes strengthening its current leading position on the securities services market by increasing its offer of new services in the value chain, creating ecosystems with other banks, technology companies and fintech, in order to facilitate the digital transformation processes of its customers. Thus, the institution has managed to make good use of opportunities of the Target 2 Securities reform, as well as the European regulations that boost the figure of independent depositaries and separation with respect to the management of investment products.
By doing so, Cecabank aims to expand its client base in the next three years and maintain an ROE ratio of between 9% and 11% in 2020 (compared to 8% in 2016).
For José María Méndez, CEO of Cecabank, “Global Banking & Finance Review's recognition is an acknowledgement of the work of all the people who, every day, enable our company to offer the best service. It is an incentive that encourages us to continue developing the best and most comprehensive solutions for the financial industry".