BMN, Banco Caja España Duero (Ceiss), Liberbank and Caja 3, the four institutions within group 2, announced yesterday the formalization of the management agreements signed with Sareb this week. They will transfer 14000 million Euros in properties and damaged credits to the bad bank. This transfer should take place tomorrow.
According to the figures provided by the institutions, BMN will transfer assets with a net value of 5819 million Euros and Caja España Duero, a total of 3137 million Euros. The assets transferred by Liberbank are around 2918 million Euros and Caja3, who will integrate itself in Ibercaja, will sell another 2212 million Euros to Sareb.
With the acquisition of this 14000 million in assets, plus the 37000 million Euros transferred by the four nationalized institutions in December, Sareb will have around 51000 million Euros in its balance.
In order to support these assets, Sareb will have equity funds for 4800 million Euros. They have been provided by the shareholders in two capital extensions and through the subscription of two emissions of subordinate debt. The last one of these closed yesterday.
(…) The investment of Generali and Zurich reaches five million Euros each, while the contribution by Reale reaches 3 million Euros and Santa Lucía, 4 million Euros more.
Santander, Caixabank, Sabadell, Popular and Kutxabank continue to be the main private shareholders. BBva and the main international funds are the great absentees. (…)