Custodial Services
Product Features
The Target market includes:
- Institutional Investors
- Licensed Pension Funds
- Licensed Collective Investment Schemes (Unit Trusts)
- Licensed Fund Managers
- High Net worth Individuals
- Churches /faith-based institutions
- Investment Clubs and SACCOs
Benefits
Benefits of Custodial Services to Customers.
- Security of assets to minimize risk of loss or theft.
- Efficiency through streamlined processes for transactions and reporting.
- Risk Management through enhanced oversight and risk control mechanisms.
- Access to expertise with specialized knowledge and industry best practices.
Benefits of Custodial Services to the Bank.
- Revenue generation from custodial transactions (Non-Funded Income)
- Deposit retention through customers investing in funds or schemes managed in-house.
- Increase in Client relationships from new sectors i.e. pension and Unit Trusts and cross-selling opportunities.
- Ecosystem synergies through partnerships with fund managers for deposits.
Requirements
Account Opening Requirements
Pension Funds
- Certified Trust Deed
- Copy of License from URBRA
- Trustee letter authorizing Account opening
- Control /Management Structure (Sometimes captured in Trust Deed)
- Details of Ultimate Beneficial Owners / Directors (Sometimes in the Trust Deed)
- TIN Certificate
- Proof of registered address if not on any of the documents above.
- Copy of National IDs for signatories (front and back)
- 2 passport size photos for signatories
- Completion of relevant Current account opening forms.
- Fax and Email Indemnity (Bank Template)
- Custody Agreement executed with client
- Service Level Agreement with Client
- Executed Fee Schedule (part of the Custody Agreement)
- Signing Mandate (can be part of Trustees Letter)
Collective Investment Schemes (Unit Trusts)
- Registered Resolution to appoint Centenary Bank as a Custodian and to open accounts.
- Trust Deed of the Fund
- Fund's Operating License
- List of Trustees, copies of their national IDs & personal details (Bank Forms)
- Signing Mandate (can be part of resolution)
- Custody Agreement executed with client
- Service Level Agreement with Client
- Executed Fee Schedule (part of the Custody Agreement)
- Fax and Email Indemnity (Bank Template)
- Letter confirming appointments of other service providers and contact persons.