Cecabank becomes the principal bank depositary of Pension funds and EPSV in Spain after integrating the 3,400 million euros of Geroa Pentsioak EPSV of Preferred Employment, and brush the 300,000 millions in deposited assets total volume
The bank account already with fifty managers clients after more than seventy migrations carried out in the last decade, reflecting the maturity and solvency of its project management model
Cecabank will provide to the EPSV Geroa depositary all-inclusive services, as well as taxation, derivatives and reporting, contributing increased efficiency, reinforced and control monitoring fully adapted to the regulatory demands
Cecabank consolidates its position as depositary company of reference in the field of the social security after assuming the depositary of Geroa Pentsioak EPSV, in an operation that has involved the internal transfer successfully of 3,400 million euros.
Geroa is a company of employment social security promoted by the Association of Business of Gipuzkoa (ADEGI) and trade unions of the region, an example of collaboration between work companies and representation that has boosted a model of saving complementary solid, participatory and efficient. With a large base of members and a direct part in the territory, Geroa has been consolidated as one of the EPSV of more relevant employment of the Basque Country.
With this incorporation, Cecabank is situated above 290,000 million euros in deposited assets volume and exceeds the landmark of the fifty managers clients, of collective investment institutions, pension funds, EPSV and companies of venture capital, consolidating its first position on the market Spanish as leading bank in depositary's services. This movement situates also to Cecabank as the depositary principal of EPSV in Spain, strengthening its reference role in the field of the social security.
Similarly, Cecabank has more than 400,000 low million euros custody, which strengthens its leadership on the market Iberian of Securities Services and its specialisation model, contributing always the guarantee of neutrality and not responsibility with its clients, one of the differential elements key of its value proposal.
The integration in Cecabank of the assets of Geroa has been executed with precision, thanks to a methodology specific to internal transfer project management that Cecabank has perfected throughout the last decade with more than seventy successful integrations carried out, reflecting the maturity of its methodology of migrations. The close collaboration between both companies' teams has been key for fulfill the terms and guarantee an efficient and sure transition.
In virtue of the agreement, Cecabank will provide to Geroa depositary all-inclusive services, as well as services of taxation, derivatives and reporting. The decision of moving the depositary of all its funds to Cecabank supposes for the EPSV a significant change in its operational structure. With this movement, Geroa strengthens its management model and it leans on a specialised member that contributes increased efficiency, a reinforced monitoring and an outline of control fully adapted to the regulatory demands.
In words of the corporate director of Securities Services of Cecabank, Aurora Cuadros: “For Cecabank is a satisfaction accompany to Geroa in this new era. Become the depositary principal of EPSV in Spain is a landmark that reflects the confidence of the sector in our specialised model. We will go on working with the maximum efficiency, security and rigorousness to contribute value to managers and institutions in an increasingly demanding”environment.
By Geroa, Jordan Sáenz, Managing Director, has explained: “With this step look for optimise our custody processes and depositary in our company and for this we have chosen the principal reference in the sector”.
