CNMV makes Cecabank Banco Madrid’s funds custodian
Spain’s Comisión Nacional del Mercado de Valores (CNMV), the Spanish regulator, has registered wholesale bank Cecabank as the new custodian of Banco Madrid’s funds, whose redemption options have been blocked since last 16 March.
Back in March, Banco Madrid was hit by its sister company Banca Privada d’Andorra (BPA) money laundering scandal.
“With this step we completed the change of custodian process, which is essential to unblock redemption for Banco Madrid funds’ investors.
The final step to give investors fully access to the funds’ redemption will be for the CNMV to register Renta 4 as manager.