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BBVA Adds to Staff & Creates Own “Bad Bank”

28/04/2014 – El Confidencial

Francisco González, the bank´s chairman, carries on with the institution reshaping. After several changes in the administrative board, for instance sending Antonio Béjar to look after DUCH (a project known as “the Operation Chamartín”) where BBVA holds 72.5% of stake, the “blue bank” sets to work on its real estate management.

From now on, BBVA will divide its property between Anida, its managing platform now run by Agustín Vidal-Aragón, and its new “bad real estate servicer” for non-performing loans with Pedro Urresti and Manolo Castro on the head.

Urresti is also currently in charge of selling BBVA´s headquarters and an office network of the bank packed in the “Operation Árbol” (“Tree”, translator´s note). Once the transaction closed, it might open way for shedding other assets, including the soured ones.

 

Original article: El Confidencial (by Carlos Hernanz)

Translation: AURA REE