31 March 2015

The CNMV provisionally appoints Cecabank as depositary bank in place of Banco de Madrid

31 March 2015
  • The decision is subject to the fulfilment of the technical conditions laid down by Cecabank to assume the function of depositary.

The Executive Committee of the Comisión Nacional del Mercado de Valores (CNMV) has agreed to provisionally appoint Cecabank as a depositary bank in place of Banco de Madrid, S.A.U., in respect of the collective investment institutions (CIIs) deposited in the entity.

Prior to the intervention of Banco de Madrid and its CII fund manager, Cecabank was already the depositary of investment funds and SICAV marketed by the BMN and Liberbank groups. Thanks to this, these CII's have continued to operate normally.

Cecabank has pass on certain conditions to the CNMV. Such conditions are considered necessary to be able to assume the depositary function hitherto performed by Banco de Madrid. These requirements are framed within adjustment to its operational standards. In collaboration with the authorities responsible for the prevention of money laundering and the financing of the terrorism, procedures will be established for the processing of reimbursements and subscriptions.

Cecabank is a benchmark bank in the Spanish Securities Services market. During 2014 its assets reached 64,500 million euros deposited, corresponding to 868 CII's and pension funds. Cecabank provides custody and depositary services to 19 management companies.


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