At one of the working breakfasts of the Spanish Confederation of Managers and Executives, José María Méndez, the CEO of CECA and the CEO and Director of Cecabank, explained the new framework for the Savings Banks sector after the restructuring process: 'Two and a half years ago, CECA's General Meeting appointed me CEO. One of the first measures taken by the team was to push through a reform of the articles of association, so that not only savings banks, but also the banks created by these, could become members. They all joined and today the association represents, in general terms, 42% of the system's deposits.
The possibility was also established for CECA to spin off 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 its CEO, but these are two functions with separate lives, separate boards and separate legal personality. even though they emerge from the same source.
