Cecabank becomes the main depositary bank for Pension Funds and EPSVs in Spain after integrating the €3.4 billion of Geroa Pentsioak EPSV de Empleo Preferente, approaching 300 billion in total deposited assets
The bank now has 50 fund managers as clients after more than 70 migrations carried out in the last decade, reflecting the maturity and solvency of its project management model
Cecabank will provide the Geroa EPSV with comprehensive custody services, as well as tax, derivatives and reporting, providing greater efficiency, enhanced supervision and control fully adapted to regulatory requirements
Cecabank consolidates its position as a leading depositary institution in the social security field after assuming the custody of Geroa Pentsioak EPSV, in an operation that has involved the successful transfer of €3.4 billion.
Geroa is an employment social welfare entity promoted by the Association of Companies of Gipuzkoa (ADEGI) and the unions of the region, an example of collaboration between companies and labour representation that has fostered a solid, participatory and efficient complementary savings model. With a broad membership base and a decisive role in the region, Geroa has established itself as one of the leading employment-based EPSVs in the Basque Country.
With this addition, Cecabank has surpassed €290 billion in assets under custody and has exceeded the milestone of 50 fund managers as clients—collective investment institutions, pension funds, voluntary contribution pension schemes and venture capital firms—thereby consolidating its leading position in the Spanish market as the top bank for custodial services. This move also positions Cecabank as the main EPSV depositary in Spain, reinforcing its role as a benchmark in the field of social security.
In addition, Cecabank holds more than €400 billion in custody, which reinforces its leadership in the Iberian market of Securities Services and its specialisation model, always with a guarantee of neutrality and non-competition with its clients, one of the key differentiating elements of its value proposition.
The integration of Geroa's assets into Cecabank has been executed with precision thanks to a proprietary project management methodology for transfers that Cecabank has perfected over the last decade with more than 70 successful integrations, reflecting the maturity of its migration methodology. The close working relationship between the teams of both entities has been key to meeting deadlines and ensuring an efficient and safe transition.
Under the agreement, Cecabank will provide Geroa with comprehensive custody services, as well as tax, derivatives and reporting services. The decision to transfer the custody of all its funds to Cecabank represents a significant change in the EPSV's operational structure. With this move, Geroa strengthens its management model and relies on a specialised partner that provides greater efficiency, enhanced supervision, and a control scheme fully adapted to regulatory requirements.
In the words of the Corporate Director of Securities Services at Cecabank, Aurora Cuadros: “For Cecabank, it is a pleasure to accompany Geroa in this new stage. Becoming the main depositary of EPSVs in Spain is a milestone that reflects the sector's confidence in our specialised model. We will continue working with maximum efficiency, security and rigour to provide value to fund managers and institutions in an increasingly demanding environment.”
On behalf of Geroa, General Manager Jordan Sáenz, explained: “With this step we are seeking to optimise our custody and deposit processes in our entity and to do so we have opted for the leading alternative in the sector.”
