CatalunyaBanc Hastens Sales of Six Assets to Gain €400 Million

8/02/2014 – El Confidencial

The Bank Restructuring Fund (FROB) prepares a quickened sale of lot in CatalunyaBanc to clear its balance up. A fistful of operations could bring it up to €400 million and improvement in the image of recently auctioned minority bank based in Catalonia.

The alienation process involves all types of assets, from loans to stakes and business units pushed for sale by Brussels´requirements. (…) Although the bank itself refuses commenting on the sale, it is said that they are the six following assets that could be acquired without the EPA in the future:

1. About €1.500 million in unpaid credits – real estate loans for less than €100.000 that could not have been assumed by Sareb. The interested funds, like Blue Crest, Centerbridge, Fortress or Elliot Associates, are handing over proposals for purchase with up to 50% discounts. (…)

2. The real estate management firm CX – after not reaching an agreement with Kennedy and Wilson, the bank puts its real estate on sale again. It could earn around €30 million for CX. Among the funds ready to pay there are Apollo, Cerberus or Magic Real Estate.

3. 10% of Applus+ – a vehicle inspection and certification company which is at the verge of appearing on the stock market. For the 10% holding the bank could receive up to €160 million. (…).

4. Credit portfolio for €6.500 million – in this case, they are not mortgage loans but credits for the low-income clients, (…). Again, vulture funds are smelling opportunity in it, calling for 30% discounts.

5. Office network outside Catalonia – Brussels imposed closing 140 sales points. CatalunyaBanc hopes to receive at least €100 million for the most attractive of them.

6. Fund management firm – it administers about €12.000 divided among funds, pension funds and SICAVs. Sale will be led by GBS Finanzas and will possibly bring a €50 million income. Anbanc is the favorite.


Original article: El Confidencial (Marcos Lamelas)

Translation: AURA REE