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Abanca Quits Sareb’s Ibero Bidding Race

7/11/2014 – Cinco Dias

Abanca, former Novagalicia (NCG Banco), has informed Sareb, the bad bank of Spain, it no more wants to participate in the tender of the asset management contracts awarded in the framework of Project Ibero.

Until now, Abanca has been handling assets of Novagalicia which were transferred to the bad bank.

Sareb called for bids in order to professionalize its assets’ management and trading. Last Monday, one of the four portfolios seeking a tenderer was awarded to Solvia, the real estate firm of Banco Sabadell. The package included REO assets of Bankia, as well as loans and properties of Banco Gallego and CEISS.

However, Abanca finally decided ‘to focus on traditional banking business, insurance and payment methods’.

Initially, the entity expressed readiness to collaborate when it came to managing NCG’s portfolio inside Sareb ‘with the same expertise it has been handling the assets for the last two years’.

 

Original article: Cinco Días

Translation: AURA REE