Restructuring and New Managing Director: Jaime Echegoyen, News From Sareb

24/02/2014 – Expansion

Sareb named Jaime Echegoyen its new chef executive officer as a result of structural redesign introduced in order to “manage more efficiently and adapt to the changes on the market better”. New company organization will be two-headed with Belen Romana holding the reins.

Few weeks ago, Walter de Luna stepped down. He was replaced by Echegoyen, graduated in Law and experienced as a managing director in Bankinter and Barclays España. (…).

Together with hiring the new CEO, Sareb decided to run five new fields. Firstly, a commercial directory led by Juan Barba has been created with view to divestment control (concerning both financial and real estate assets). The most recent great transaction conducted by the bad bank was the Teide portfolio´s sale to Fortress.

Secondly, Enrique Saiz has been made responsible for the credit risk management within a restructuring and recovery division. Two further fields, one patrimonial (under leadership of Olga Guitián) and the other strategical (Iker Beraza), have been created to seek chances of raising value inside the balance sheet of Sareb. (…).

Finally, a division for corporate resources has been called to life and entrusted to Alfredo Guitart.

Moreover, Popular filed for substituting Francisco Sancha for Rafael de Mena. (…) All the changes are to be approved by the managing board of Sareb at the nearest meeting.

The management rendered by Sareb in 2013 brought it €3.800 milliones revenues and allowed it to redeem €2.000 million debt. (…).

 

Original article: Expansión

Translation: AURA REE

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