The scene was symbolic: the Mudam, its clean lines and luminous volumes, hosted the inauguration ceremony for Cecabank in Luxembourg on Thursday evening. To mark the opening of its Luxembourg branch, the Spanish bank had assembled an audience of financial centre players and institutional representatives, including Finance Minister , who hailed an arrival synonymous with dynamism for the securities services sector.
“The opening of its Luxembourg branch represents a significant expansion for Cecabank and also demonstrates our commitment to serving our customers in one of Europe’s most dynamic financial centres,” said the Spanish group’s CEO, Ainhoa Jáuregui, in his speech, reported by our LuxTimes colleagues. “Our mission is clear: we want to add value to the Luxembourg depositary ecosystem through our solid experience and rigorous regulatory approach.”
According to the minister, six Spanish banks operate in Luxembourg. More than seven Spanish fund promoters manage Luxembourg investment funds and, on the capital markets, 33 Spanish issuers list their securities in Luxembourg.
The new entity, based in Luxembourg City, will offer depositary, custody and settlement services for funds domiciled in the Grand Duchy. The move is seen as a natural extension of its institutional model. In an interview published by Cámara de Comercio, , managing director of the branch, explains that the bank opened in Luxembourg to “provide custodian services to vehicles domiciled here, as well as custody and securities settlement services”.
A financial infrastructure already established in Spain
Cecabank is not presenting itself in Luxembourg as just another generalist bank, but as a specialist financial infrastructure. For more than ten years, it has played a central role in securities services in Spain. “Cecabank has spent more than a decade consolidating its position as an essential infrastructure in the Spanish financial system”, Brenda Bol points out in the same interview, adding that the institution is “a benchmark institution in Spain and Portugal” for clearing, settlement, registry and custody services.
The data published by the group confirms this positioning: at the beginning of 2025, Cecabank reported managing more than €351.3 billion in assets under custody and around €255.6 billion as a depositary.
Also according to Brenda Bol, Cecabank is “the largest independent custodian and leading provider of settlement and custody services in Spain, working with more than 100 institutional clients and over 45 asset managers”.
Luxembourg as a strategic step
In a market dominated by Ucits and AIF funds, the Grand Duchy represents a platform for Cecabank to support its customers in their cross-border operations. “As a trusted partner, Cecabank supports its clients in their international expansion… This is why we have opened a branch in Luxembourg,” says Brenda Bol.
This arrival enriches a highly structured custodian sector, where major international groups already operate. The arrival of an independent institutional player could broaden the options for fund promoters and strengthen the competitiveness of the Luxembourg market.
The inauguration at Mudam in any case confirms Cecabank’s European ambition, determined to extend its specialist model to the heart of the world’s leading investment fund centre.