Cecabank to acquire the depositary business of Kutxabank.

Cecabank, which operates as a wholesale bank, agreed to acquire the depositary business of Kutxabank, a bank based in Bilbao, Spain. Financial terms were not disclosed. The agreement thus seals the trust between the two organisations, demonstrating the synergies that can be achieved with this partnership. This fund depositary partnership represents a step forward for Kutxabank in the ongoing improvement of its customer service. It prioritises its core activity of asset management and marketing, with greater independence in its control processes. It will also feature the additional guarantee provided by Cecabank as a specialist in depositary activity.