Apollo Hires Citi Executive to Lead Altamira

28/01/2014 – Expansion

Julian Navarro, the ex-CEO of Citi, will supervise the landing of Apollo in Altamira (operation valued at 664 million Euros), and prepare the company for providing real estate and collection services also to other entities, not solely to Santander.

In order to achieve that, the U.S. fund is ready to acquire real estate asstes and default credit portfolios valued at more than 1.000 millon Euros, (…). The amount will be added to another 1.000 millions that Apollo has invested in Spain during the recession, precisely by buying Altamira, Evo Banco (before property of NCG Banco), Finanmadrid (Bankia) and AvantCard (acquired from Bank of America in 2011).

Among the assets on sale that the fund could buy there are 4.500 millons in real estate loans of Eurohypo (Commerzbank), 800 dwellings that BBVA is planning to put on sale within few weeks, and many diverse portfolios from the bad bank (Sareb).

(…) The hiring of Navarro comes along with the latest news about giving Enrique Tellado, an ex-financial director od NCG Banco, the position of CEO in Evo Banco. Now, Apollo has got all the supervisory posts covered in its main businesses in Spain. (…).

From now on, Apollo will start the search of the second line executives and granted the coordination responsability to Egon Zehnder (…).

Original article: ExpansiónPro (Jorge Zuloaga)

Translation: AURA REE