Banco Caminos places trust in Inversis as its new depositary
14 January 2022 Category: Agreements
- This change of depositary by Banco Caminos will increase the volume of assets for which Inversis provides custody by €800 million to a total of over €10 billion.
- The agreement is in line with Inversis's Strategic Plan, which seeks to enhance the company's growth both in Spain and internationally, as well as the Strategic Plan in place at Banco Caminos to channel its resources into digitalisation and into generating new solutions for its customers.
- Banco Caminos considers Inversis to be the ideal partner thanks to its more than 20 years' experience as a depositary bank. Over the last year, the company has increased its business volume in this segment by 20%, thanks to its highly specialist team of expert professionals.
Inversis, a wholly-owned subsidiary of Banca March and a Spanish market leader in global investment technology solutions and outsourcing financial services to financial institutions, has signed an agreement to become the new depositary for Banco Caminos, which specialises in private and retail banking services.
This change of depositary by Banco Caminos will increase the volume of assets for which Inversis provides custody by €800 million to a total of over €10 billion. It will also strengthen the existing ties with Banco Caminos, which already works with Inversis as a provider of global outsourcing, settlement and custodian services for equities, fixed income, investment funds and pension plans for all Grupo Caminos companies.
The agreement reached is in line with Inversis's Strategic Plan, which seeks to enhance the company's growth both in Spain and globally. It also strengthens the strong position enjoyed by Inversis as one of the top players in the depositary business in the Spanish market. The agreement also responds to the Strategic Plan in place at Banco Caminos, owned by Grupo Caminos, to channel its resources and efforts into digitalisation and to generating new solutions for customers in the areas of engineering, health and other professional sectors, which are the primary focus of Grupo Caminos, its financial institutions (Banco Caminos and Bancofar), its bancassurance operator (FAM Caminos) its fund manger (Gestifonsa) and its pension manager (Gespensión).
The agreement between Banco Caminos and Inversis also responds to corporate governance best practice in the financial sector, which requires the separation of the roles of asset manager and depositary at financial institutions.
Banco Caminos considers Inversis to be the ideal partner thanks to its more than 20 years' experience as a depositary bank. Over the last year, the company has driven a 20% increase in business volume in this area, thanks to the hard work and expertise of its highly-specialised professionals. The team meticulously monitors the activity and operations of its customers, complying with its supervisory obligations as a depository, offering advisory services and supporting managers in their everyday activities and their relations with regulatory bodies and investors.
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