First it was Kutxabank; then Banco Sabadell; and now Bankia. The state-controlled entity through the FROB has sold its funds depository and sicavs business to Cecabank. He has done it for 170 million euros, although it is a variable amount.
“Additional charges may be added throughout the duration of the contract depending on the fulfillment of certain objectives of the business plan,” indicates the bank. A contract that will last 10 years.
This represents a further step, in this case of Bankia, in the outsourcing of this activity, in line with the trend in the financial sector. The nationalized entity moves assets worth 26,000 million, bringing Cecabank from now on to 160,000 million of total deposited equity.
«Bankia is aligned with the best practices in the sector, which advise the separation into different groups of depository and management activities. In this way, we focus on the asset management business, in which we have more than 30 years of experience, and we can offer a differential service to our clients, ”said the deputy general manager of Asset Management and Investees of Bankia , Fernando Sobrini.
Those practices of the sector refers to the last movements carried out in the market. In 2020, Kutxabank was the first to make the same decision regarding Cecabank, followed by Banco Sabadell, which chose BNP Paribas for an amount of 115 million euros. In the case of the Catalan entity, this was part of its divestment plan for non-strategic assets, as was the case, for example, with Solvia’s business and the fund manager.
Likewise, Banco Santander also took positions in the business. It did not do so by selling its depository activity but through an agreement with Crédit Agricole to join forces and create a giant in this area. The Spanish entity kept 30.5% of the resulting joint venture, Caceis. .