Solvia to Tender For a Contract With the Bad Bank

Banco Sabadell´s CEO Jaume Guardiola has informed that Solvia, the real estate company of the bank, is also going to submit a bid at the auction of asset management contracts with Sareb, Spain´s “bad bank”.

Mr Guardiola (pictured) told about this intention at a recent presentation of the entity´s quarterly results. As per the data, Sabadell gained €167.7 million in Q1, by 36% more than in the same period of time in 2013.

Sareb set the bidding in motion to outsource management of its loans and properties from the twelve entities which transferred the soured assets to it but continued to be responsible for their administration.

The company led by Belen Romana aims at dividing the asset cluster into several blocks and awarding them to 3, 4 entities selected from among banks, investment funds and real estate servicers.

Apart from Solvia, also Servihabitat arrived at the auction from Catalonia, with strong determination and belief it will return home with one of the agreements.

Original article: La Información
Translation: AURA REE

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