18 March 2015 – Expansión
The investment fund Lone Star has hired the former CEO of Renta Corporación, Juan Velayos (pictured above), to manage Neinor, the real estate group arm of Kutxabank, which the US firm acquired for €930 million last December.
The purchase of Neinor, which included (around) half of the Basque bank’s real estate assets, will be finalised at the end of April. The company’s headquarters will remain in Bilbao and Juan Velayos will be the CEO. Velayos left Renta Corporación three years ago to join PwC. From there he has spent the last few months advising the fund Lone Star on its acquisition of Neinor.
Kutxabank’s bad bank was created in 2012 to group together the riskier assets of the entity, valued at around €1,500 million.
Original story: Expansión (by Marisa Anglés)
Translation: Carmel Drake