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“We will strive to give
international visibility
to our bank’s products
and services.”
José Luis Somoano
Frankfurt representative office
What does representative work consist of in Germany and Switzerland?
From our representative office in Frankfurt we have covered the German and
Swiss markets for more than forty years.
Our most significant milestones for 2016 were:
in the field of pension payments from overseas to Spain, managing rela-
tionships with our correspondent banks,
supporting our sector’s international lobbying - the ECB, sparkassen, and
overseas banks with a presence in Germany,
consolidating the flow of currencies towards Spain in Switzerland
playing an active role in business forums - both Hispanic-Swiss and His-
panic-German and on the Board of Directors for the Spanish Chamber of
Commerce in Germany
2017 Objectives
In 2017 we will strive to give international visibility to our bank’s products
and services.
“We cover four
markets from our Paris
branch; France,
Belgium, Holland
and Luxembourg.”
María Recalde
Representative Office for France &
Benelux countries.
What does your representative work consist of in Paris?
“We cover four markets from our Paris branch; France, Belgium, Holland, and
Luxembourg. We carry out representative work at local institutions and in in-
dustry, financial, and social circles with the aim of giving important visibility to
Cecabank in these countries and promoting the bank’s products and services.
It is important for Cecabank to have local representation in institutions such
as the European Savings and Retail Banking Group in Brussels or the ESMA in
Paris. We are also on the Board of Directors of the Spanish Chamber of Com-
merce in France and the Spanish Chamber of Commerce for Belux.
What does your work in London consist of?
Cecabank’s London branch operates under the European passport. This
means we can promote all the activities that Cecabank is authorised to do
in Spain, in the United Kingdom. We are directly supervised by the Bank of
Spain and indirectly by the Bank of England.
Having a branch in London, even through the market is already very mature,
allows us to be very close to a lot of financial institutions. As members of the
Association of Foreign Banks we have access to more than two hundred banks,
and the fact that we are physically there allows us to maintain a close dialogue
with a lot of fund managers, insurance companies, and pension managers.
What would the highlights of our work in recent years be?
Over the last few years branch activity has centred around our correspondent
services. Right now we are making serious efforts to bring added value in ter-
ms of geographical diversification and diversification of the client base, in line
with Cecabank’s strategic plan for the next four years.
“Having a branch in
London, even through
the market is already
very mature, allows us
to be very close to a lot
of financial institutions”
Rafael Linde
London Branch
Cecabank 2016 Annual Report Page 79
05 OUR BUSINESS MODEL
5.1
5.2