Frank Jons: chromatic explosions!
He could have ended up as a partner in an auditing firm, but a job interview convinced him to follow his true calling: painting. Interview.
​
Brenda Bol (Cecabank): Investing Across Borders
Expanding into new jurisdictions can be challenging for smaller investors. We talked with Brenda Bol, Country Head for Luxembourg and Managing Director at Cecabank SA Branch in Luxembourg, about how the company helps them. Interview
Can you please tell us what Cecabank does?
Cecabank is a leading Spanish bank in the area of depository services and custody, with more than 350 billion under custody and more than 255 billion under deposit. As part of expanding and improving our operations, we recently decided to set up a branch in Luxembourg. Around April last year, we started our filing to open that branch, and within four or five months we obtained the banking license. Nine months after starting the process, we received our depository banking license. Being a Spanish bank under European regulations, our depository services are very similar to those in Luxembourg, so it’s been easy to bring in the same activity that we've been doing for more than ten years in Spain.
Why move into Luxembourg?
This expansion was driven by feedback from clients with fund businesses in Spain and were keen to explore what Luxembourg offered, especially in alternative investments. The Luxembourg branch aims to provide a seamless experience that supports our clients’ growth strategies. Many are relatively small to middle size investors, working with a starting structure between ten and hundreds million euros. We believe in these clients and their strategies, and we want to nurture them. Our own strategy is to focus on small to middle-sized clients and help them grow their business in Luxembourg.
“We believe in our clients and their strategies, so we help them grow.”
What’s your vision for Cecabank in Luxembourg over the next few years?
For smaller investors, getting started in Luxembourg can be difficult. Barriers to entry are getting higher, as even the big players face a growing number of obligation and costs. We plan to keep going against that trend, working with middle size clients, keeping the market open for entrepreneurs. We have a three-year plan to start first with the existing clients of Cecabank Spain. We’ll get established with existing clients who already have structures in Luxembourg or are willing to launch new structures there, but also to open to the rest of the market. And while we don’t just serve Spanish speakers, speaking Spanish and having our operations in Madrid makes us a useful option for Spanish-speaking clients looking to overcome the challenges of a new country. Our niche is accompanying clients in their growth, not just on the traditional side but also in the alternative space. Alternative investments have been booming here in Luxembourg the last five, seven years, and that opportunity is a big part of what we're here for.