- Last year CECA decided to carve out its institutional representation functions from its business by creating an instrumental bank: Cecabank
- Cecabank started out with a core capital ratio of 18.4% at year-end 2012, one of the market’s highest
Cecabank today held its first general shareholders’ meeting, following its creation on 12 November, the date on which CECA transferred all its business and services activities to it.
Cecabank is the wholesale bank created by CECA to provide technology and financial services to all financial institutions. Cecabank mainly focuses its business on four strategic areas: securities and funds custody and depositary services; banknotes and treasury management; means of payment and services; and consulting and support services.
For its part, CECA has kept the structure of its board of directors unchanged, with Isidro Fainé as chairman, and it will continue to represent the interests of savings banks’ banking groups.
The general assembly of CECA’s bank, Cecabank, has appointed its new board of directors, comprising:
- Antonio Massanell Lavilla (general manager of CAIXABANK), as non-executive chairman.
- José Luis Aguirre Loaso (managing director of IBERCAJA BANCO), as non-executive deputy chairman.
- Antonio Ortega Parra (general manager for staff and technology at BANKIA).
- Francisco Javier García Lurueña (assistant general manager of KUTXABANK).
- Manuel Azuaga Moreno (general manager of UNICAJA BANCO).
- Joaquín Cánovas Páez (managing director of BMN).
- Jesús Ruano Mochales (director of finance and corporate development at LIBERBANK).
- Santiago Carbó Valverde (professor of economics and finance at the Bangor Business School – Bangor University, UK).
- José Gómez de Miguel (former head of the Bank of Spain’s Regulation Division).
- María del Mar Sarro Álvarez (professor of marketing and market research at the University of Alcalá de Henares).
- José María Méndez Álvarez-Cedrón (general manager of CECA).
- Fernando Conlledo Lantero (secretary general of CECA), as non-director secretary.
Cecabank’s shareholders are the CECA (with 89 percent) and the banks and savings banks (with 11 percent).
Cecabank’s general shareholders’ meeting also approved its annual accounts today. Cecabank obtained attributable profits of 34.6 million in 2012 and ended the year with own funds of 705 million and a core capital ratio of 18.4 percent.
