CECA and Cecabank: Added Value to the Financial System

During one of the working breakfasts of the Spanish Confederation of Executives and Directors, José María Méndez, General Director of CECA and General Director and Counselor of Cecabank, explained the new framework of the Savings Banks sector following the restructuring process: “Two and a half years ago, the General Assembly of CECA proposed me as General Director. One of the first measures taken by the team was to promote a reform of the bylaws, so that not only the Savings Banks but also the banks created by them could be members. All of them adhered, and today the association represents, in general terms, 42% of the system’s deposits.

The possibility was also established for CECA to segregate its financial business into a newly created bank, Cecabank, which provides financial and technological services in a model open to the entire Spanish financial system. The Board of Directors also appointed me as its General Director, but these are two functions with separate lives, different boards, and distinct legal personalities, even though they arise from the same parent structure.