Does a custody account have a minimum-balance requirement?
Prominence Bank does not publish a universal minimum balance for custody accounts. Any asset-value, storage, insurance or service requirement is
SKR
Is the custody-account opening fee a minimum balance?
No. An applicable custody-account opening fee is a service charge and is not a minimum balance or a cash deposit
What is the cost of a custody account?
A custody account costs EUR 25,000, plus the applicable 2% SKR/custody service fee.
What is a custody account?
A custody account is generally used to record or safeguard eligible assets under a written custody arrangement. It is distinct
Is an SKR transferable or negotiable?
An SKR is not automatically transferable or negotiable. Assignment, pledge, transfer or reissuance depends on the custody agreement, ownership records,
Do I retain ownership of an asset held under an SKR?
Ownership and custody rights are determined by the written custody agreement and the asset’s legal records. Custody alone does not
Can I apply for financing using a Safekeeping Receipt?
Yes. A client can submit a separate financing request involving an SKR, but the receipt itself does not guarantee a
How long can it take to obtain an SKR?
No fixed SKR issuance time is published. Timing depends on asset acceptance, ownership and document review, valuation, custody arrangements, transfer