Informe_Anual_Cecabank

8 / 76

Page 8
|
|
01 Our identity
Cecabank 2015 Annual Report
How would you describe the economic context in 2015?
A.M. The Spanish economy consolidated its recovery
trend in the course of 2015 and registered growth of
3.2%. However, activity decelerated slightly at the
end of the year, due to the world slowdown, the lesser
impact of some favourable events – the downturn in
oil prices, the tax reduction and the depreciation of
the euro - and the increased uncertainty surrounding
the Spanish election process.
In the financial markets, the year was marked by great
volatility and the Spanish stock market was also affected
by the general falls which started in the summer.
In 2015 the environment in which Spanish credit
institutions operate was characterized by central
banks’ expansive monetary policies but with divergence
between interest rates in the United States and Europe
in the short and medium term.
¿Cuáles han sido los principales hitos de Cecabank en2015?
J.M. 2015 was a very important year for the bank for
three basic reasons: first, the 40% increase in assets
under custody over the year, which took them up to
90,000 million euros. Moreover, in this business line,
Cecabank was designated as provisional depositary
bank for investment funds from Banco Madrid. This
served to highlight the important role the bank plays as
Spain’s leading independent depositary.
The second important factor was the extension of our
customer base. We are making progress in greater
diversification of our customer portfolio, which includes
credit institutions, investment service companies,
insurance firms and public sector institutions.
Lastly, our business model received outside recognition.
In 2015 Moody’s raised our rating by four notches.
In its technical note, it justified this substantial rise
on the basis of our strategic reorientation, based on
providing value added services for the financial sector.
It also mentioned satisfactory capitalization in relation
to the risk profile and the entity’s comfortable liquidity
position. With this higher rating, Cecabank now has
three ratings at Investment Grade levels.
How does the Board of Directors view the degree of
execution of Cecabank’s Strategic Plan?
A.M. The Board values Cecabank’s compliance with the
Strategic Plan very positively. It is at the last stage of
implementation and most of the targets established have
alreadybeenmet: i) Its leadingposition inSecuritiesServices
is becoming stronger: ii) A balance between net interest
income and fees and commissions is being achieved on the
income statement; iii) The bank’s offer and positioning in
new customer segments is being consolidated.
In this sense, 2015 was a turning point for the bank and
this enables us to move ahead in this new stage. Thanks
to everyone’s work, our traditional/core businesses are
fully consolidated and now is the time to explore new
areas for developing our business and, by extension,
new sources of income.
What are Cecabank’s plans for 2016?
J.M. We have four main goals for 2016:
To increase the number of clients through loyalty-
building and cross sales.
To diversify clients to achieve greater penetration
in new strategic segments.
To diversify businesses and complement our current
offer with new services, leveraged on our capacities
and the fact that we are a wholesale bank.
Internationalization
Interview with the Chairman and
the General Manager
The art of prudence, the desire for knowledge
and being open to change.
Antonio Massanell. Chairman of Cecabank
José María Méndez Álvarez-Cedrón. General Manager of Cecabank