Another Director Quits From Sareb

26/03/2014 – Expansion

This is the fourth leave of an executive from Sareb – after Manuel Garicano, Walter de Luna and Luis Moreno – since the creation of the bad bank at the end of 2012. The only difference is that now the position abandonment has not been caused by internal opinion discrepancy but an offer issued from outside of the company.

Eduardo Bóveda started to work for Sareb at the very beginning of the bad bank´s lifespan. He was working in Moreno´s team on financial asset management and credit portfolio sales to funds.

(…) In fact, he supervised several large transactions conducted by Sareb, such as the sale of €440 million debt of Realia to Fortress and the transfer of €245 million syndicated loan of Colonial to Irish Burlington Loan, involved into the “Bermudas Operation”.

Now, Bóveda will search for emerging opportunities on the Spanish property market for Marathon, a fund from the United States that manages around $15 billon (€10.8 billion). Together with Javier Botín (the son of Santander´s chairman) Marathon acquired the biggest default credit portfolio transfered throughout 2013 from BMN around €1.2 billion. Before joining Sareb, Bóveda had worked for Finsolutia and CB Richard Ellis.

The bad bank will look for another professional to substitute the ex-executive in the team led for last month by Juan Barba.

Reorganization

The entity chaired by Belén Romana already had to replace Walter de Luna for Jaime Echegoyen as a CEO. Moreover, Sareb has recently announced incorporation of Enrique Saiz from Banesto as a director for reestructuring and recoveries. (…).

For more information about the Spanish bad bank, visit our SAREB section.

Original article: Expansión (Jorge Zuloaga)

Translation: AURA REE

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