Interview with Brenda Bol, Country Head – Managing Director at Cecabank S.A. Branch in Luxembourg
Brenda Bol
Country Head – Managing Director
Cecabank S.A. Branch in Luxembourg
With more than twenty years of experience in Luxembourg’s financial sector, Brenda Bol has built a solid professional career in custody and depositary services, holding senior positions and gaining extensive experience in Securities Services and Asset Servicing.
A graduate in Economic, Social and Political Sciences and International Relations from the Catholic University of Louvain, throughout her career she has held various senior management positions related to depositary and custody services and services for the asset management industry, developing an in-depth knowledge of Luxembourg’s financial ecosystem and its international dimension.
In April 2024, she joined Cecabank as Country Head – Managing Director of its Luxembourg branch, where she leads the bank’s development in one of Europe’s leading financial centres. In this interview for SFF Magazine, Brenda Bol talks about Cecabank’s evolution since the launch of its activities in Luxembourg, its international growth strategy and the changes transforming the Securities Services industry, from developments in depositary and custody services to digitalisation, asset tokenisation and the emergence of new financial infrastructures.
Cecabank became fully operational in Luxembourg in March 2025. Following this initial period since the launch of the branch, how would you assess Cecabank’s establishment in the Grand Duchy and the development of the business so far?
The assessment is extremely positive, and we are very satisfied with the branch’s development. During this initial period, we have already onboarded eight clients and we continue to grow, which we consider a major success, particularly given that we started from a new presence in the Luxembourg market.
These results confirm that there is genuine demand for our value proposition and that the decision to establish a direct presence in Luxembourg was the right one. For us, success is not measured solely by the number of clients, but also by the quality of the relationships we are building and our ability to support them closely in their projects.
Since March 2025, we have been consolidating our depositary, custody and securities settlement activities for vehicles domiciled in Luxembourg, combining the proximity of a local team with Cecabank’s experience, operational capabilities and infrastructure.
We have also devoted considerable effort to integrating into Luxembourg’s financial ecosystem. Our active participation in the ABBL, both through its Board of Directors and the Depositary and Custodian Banking Cluster, reflects our determination to be a committed participant in the market rather than simply an institution conducting commercial activities in the country.
For all these reasons, we believe this first stage has exceeded our expectations. We have succeeded in establishing a solid foundation, earning the trust of new clients and, most importantly, maintaining a growth momentum that makes us very optimistic about Cecabank’s future in Luxembourg.
“Since March 2025, we have been consolidating our depositary, custody and securities settlement activities for vehicles domiciled in Luxembourg, combining the proximity of a local team with Cecabank’s experience, operational capabilities and infrastructure.”
The opening of the branch was largely driven by Cecabank’s aim to support its clients in their internationalisation processes. How is this demand evolving, and what role does Luxembourg currently play in Cecabank’s international strategy?
Demand for international support is becoming increasingly important. Asset managers and other institutional clients no longer necessarily think in terms of a single market; instead, they operate through structures and vehicles with a clearly European and international dimension.
In this context, Luxembourg plays a strategic role for Cecabank. It is one of Europe’s leading fund centres and a particularly important platform for cross-border distribution and the structuring of investment vehicles. Having a presence here therefore enables us to support our clients wherever they are developing their international businesses. But there is also a second dimension that we consider very important: Luxembourg is not only a destination for Spanish clients seeking to internationalise. It is also a gateway for Cecabank to develop relationships with international asset managers and institutional entities and offer them our value proposition as a depositary bank and Securities Services provider.
Our strategy is, therefore, two-pronged: to support our Spanish clients in Luxembourg and, at the same time, to use our presence in Luxembourg to expand Cecabank’s international reach.
In a market such as Luxembourg, characterised by the diversification of investment vehicles and strategies, how are asset managers’ needs in depositary and custody services evolving, and what opportunities does this transformation represent for Cecabank?
We are seeing a very clear trend toward greater diversification of the vehicles and assets in which asset managers invest. The growth of alternative strategies—such as private equity, infrastructure, and private debt—is creating new needs and requires custodian providers to be increasingly adaptable.
For a depositary, this means going beyond the traditional concept of custody. Asset managers are increasingly looking for a partner that understands the complexity of their structures, can support them throughout their processes and is able to provide solutions tailored to each vehicle and strategy. This is precisely where we see a significant opportunity for Cecabank. Our positioning as an independent and neutral institution allows us to offer a highly personalised and close service model. We do not aim to compete on scale alone, but also on expertise, flexibility and adaptability.
Luxembourg also gives us the opportunity to develop expertise in structures that are particularly prominent in this market and subsequently transfer that knowledge to other markets in which Cecabank operates.
The transformation of the market therefore represents an opportunity for us to differentiate ourselves by combining our traditional expertise in depositary and custody services with a growing ability to serve more complex structures and new asset classes.
“Asset managers are increasingly looking for a partner that understands the complexity of their structures, can support them throughout their processes and is able to provide solutions tailored to each vehicle and strategy. This is precisely where we see a significant opportunity for Cecabank.”
The European financial sector is undergoing a period of intense regulatory and technological transformation. From the perspective of an institution specialising in Securities Services, what are the main changes currently reshaping this activity, and how is Cecabank preparing to address them?
We are experiencing a profound transformation of the Securities Services industry, driven by several converging factors: an increasingly demanding regulatory environment, the digitalisation of processes, automation and, very significantly, the emergence of new technologies and infrastructure models based on DLT.
For us, one of the major challenges is ensuring that innovation and regulatory compliance progress together. The financial sector needs to become more efficient and agile, but without compromising security, transparency or investor protection.
At Cecabank, we approach our strategic initiative in digital assets in its broadest sense: we already hold a MiCA licence to operate as a Crypto-Asset Service Provider for the custody of crypto-assets, and we are also working intensively on use cases involving the tokenisation of traditional assets, which is probably one of the areas with the greatest transformative potential. It is not simply about digitalising existing assets, but about rethinking certain issuance, trading, settlement and custody processes. This can enable greater efficiency and, in the future, much deeper integration between different parts of the value chain.
At the same time, artificial intelligence and automation are transforming the way financial services are delivered. For an institution such as Cecabank, this represents an opportunity to improve our processes, increase efficiency and provide higher value-added services to our clients.
Our response is to invest in technology, talent and capabilities, while also participating actively in various European forums that can provide us with the insight we need to expand our clients’ activities. In this regard, we are very active in several consortia led by leading financial institutions, which are helping to roll out projects that are shaping the financial infrastructures of the future. Our membership in major consortia such as QIVALIS and Regulated Layer One are good examples. Ultimately, we want to be prepared not only to adapt to the changes that occur, but also to play an active role in shaping them. We believe that today a Securities Services provider must be much more than a custodian: it must be a strategic partner capable of anticipating its clients’ needs and supporting them through this transformation.
Cecabank’s presence in Luxembourg has been strengthened at institutional level through its appointment to the ABBL Board of Directors and its leadership role within the Depositary cluster. How important is it for Cecabank to play an active role in Luxembourg’s financial ecosystem, and what can the institution contribute to the discussions shaping the future of the industry?
For Cecabank, playing an active role in Luxembourg’s financial ecosystem is essential. Our presence here cannot be limited to conducting commercial activities; we also want to be an active member of the financial community and contribute to the development of the market.
Our appointment to the ABBL Board of Directors and the chairmanship of the Depositary Banking Cluster provide precisely an opportunity to contribute our experience while also listening to and understanding the priorities of the industry as a whole.
The cluster plays a particularly important role because it brings together the main players in depositary and custody activities and facilitates dialogue with regulators, authorities and other market participants. It provides a forum where we can work together on issues affecting the future of the business and contribute to the development of best practices and a competitive framework for Luxembourg.
I believe Cecabank can contribute, in particular, an international perspective. We are an institution with a strong position in the Iberian market but an increasingly European outlook, and we can help build bridges between different markets and business models. I also believe that our experience in innovation and in the evolution of investment funds can add value at a time when the industry is changing rapidly. The objective should be for Luxembourg to remain a competitive, innovative and attractive financial centre while maintaining the high standards of trust and protection that characterise the market.
“Our appointment to the ABBL Board of Directors and the chairmanship of the Depositary Banking Cluster provide precisely an opportunity to contribute our experience while also listening to and understanding the priorities of the industry as a whole.”
Cecabank has also recently joined Luxembourg-based Regulated Layer One (RL1) as a founding member, further strengthening its positioning in the field of digital assets. What role do you believe Luxembourg can play in the development of these new financial infrastructures, and how is Cecabank positioning itself in this transformation?
I believe Luxembourg is particularly well positioned to play a significant role in the development of Europe’s new financial infrastructures. The country combines strong specialisation in financial services, a significant institutional and regulatory presence and a clear international outlook. This combination is especially valuable when it comes to technologies such as DLT and asset tokenisation.
The creation of Regulated Layer One is a good example of this evolution. RL1 was established as a neutral European DLT designed to provide a shared infrastructure for different financial institutions to implement use cases related to primary and secondary markets for tokenised securities. It is incorporated as a European limited cooperative society headquartered in Luxembourg. Cecabank is one of its founding members, alongside financial institutions from several European countries.
For Cecabank, our participation in RL1 represents a natural evolution of the work we have been pursuing for years as a strategic priority in digital assets and tokenisation. We do not see digital transformation as a replacement for the traditional financial system, but rather as an opportunity to build more efficient and interoperable infrastructures that are adapted to the market’s future needs and can coexist with traditional systems.
Luxembourg can also act as a European meeting point for this development. The presence of participants from different jurisdictions within a common infrastructure such as RL1 reflects precisely this cross-border vocation.
Our objective is to help ensure that this transformation takes place within an institutional and regulated framework, putting innovation at the service of the efficiency, security and trust required by market participants. Cecabank brings experience, expertise and close engagement with regulators—capabilities that have always been part of our DNA in the traditional financial world and that we are now applying to the development of these new ecosystems.
Looking ahead to the coming years, what are Cecabank’s main priorities in Luxembourg, and what position does the bank aspire to occupy within the European Securities Services ecosystem?
Our first priority is to continue growing sustainably in Luxembourg. The progress we have made since launching our activities, with several clients onboarded and a pipeline that continues to grow, demonstrates that there is a significant opportunity, and we want to continue developing it.
We want to establish ourselves as a trusted partner for asset managers and institutional market participants seeking high-quality depositary, custody and Securities Services, combining Cecabank’s experience with the proximity and flexibility of a local team.
Another key priority will be to further deepen our integration into Luxembourg’s financial ecosystem. We want to contribute actively to the evolution of the industry through the ABBL and the various forums in which we participate, sharing our experience while also learning from other market participants.
And, of course, we want to remain at the forefront of the industry’s transformation. The shift towards digital assets, tokenisation and new financial infrastructures opens up enormous opportunities, and our participation in initiatives such as Regulated Layer One reflects our determination to be involved from the outset.
In the coming years, we want Cecabank to be recognised in Luxembourg not simply as an institution that has opened a branch, but as a European Securities Services player fully integrated into the Luxembourg market—close to its clients, innovative and capable of supporting their international growth.
Luxembourg is a strategic pillar of our European expansion, and our ambition is to build a strong and lasting presence here that will also help position Cecabank as one of Europe’s leading Securities Services providers.