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Abanca, Ceiss & Blackstone Left Out of Sareb’s Asset Management Tender

9/09/2014 – Cinco Dias

Sareb has announced which of the companies aspiring to managing its portfolio including assets worth €50 billion (€11 billion in real estate and €39 million in developer loans) had been accepted and which rejected.

Both national and international managers eagerly attended the auction as Spain‘s bad bank is the top developer in the country. Moreover, according to a statement by its CEO, Jaime Echegoyen, the operation named Ibero could ‘turn the market around‘.

Initially, there have been eight non-binding bids, submitted by Aktua, Altamira, Anticipa (servicing platform of Blackstone), Servihabitat, Ceiss, Haya, Solvia and Abanca (former Novagalicia).

After a thorough sift-out, Sareb eliminated Abanca, Ceiss and Blackstone and its Anticipa, former servicer of Catalunya Banc purchased recently by BBVA.

Once the selection pool narrowed, further process seems to become much stricter. Logically, the bad bank will try to play the asset management award out to the end.

Sareb aims at designating the final management team by the end of September when the binding offers are due to arrive. ‘We are going to pick three or four servicers, proven to be professional and efficient in the repossessed asset administration. The choice is large as in the past two years many experts in this field arrived at Spain‘, Echegoyen said.

Several sources from the market suggest that the negotiations to take place in the upcoming days will be key for the tender. The remaining bidders will have to specify their price, terms and conditions (comissions, discounts, etc.), as well as technical aspects such as a possessed platform, operating process, call center, etc.

Experts from the market venture to state that the auction will lay foundations for the end of the protracted financial crisis in the country.

While Sareb selects its future asset managers, Spanish banks struggle to cleanse their balance sheets before the stress test by the European Central Bank (ECB). Santander, BBVA, Bankia and CaixaBank have already been inspected.

 

Original article: Cinco Días (by Angeles Gonzalo Alconada)

Translation: AURA REE