Banco Cooperativo Espanol S.A.

With EUR 25.6 billion assets as of June 2013, Banco Cooperativo Español acts as central treasurer and liquidity provider for the members of the Asociación Española de Cajas Rurales (AECR). AECR is the largest cooperative Group in Spain by asset size with EUR 59.8 billion in aggregated assets at the end of 2012.