Looming Tender of CatalunyaBanc. Arcano Hired to Sell Business Outside Catalonia

25/02/2014 – Expansion

CatalunyaBanc will be auctioned, once chopped in pieces. The entity signed a contract with Arcano and named the company to search for purchasers for its business out of Catalonia. The bank aims at selling all non-core and non-strategic firms before the FROB (the Banking Restructuring Fund) carries the auction out.

Inside the lot there will be allocated 196 offices where 900 people work. The operation features are similar to the one of Evo Banco, sold by Novagalicia Banco before being acquired by Banesto. (…).

Cut-up Sale

This is not the first time CatalunyaBanc tries to shed the business, however then the collective dismissal stood on the way as shutdown would have affected about 2.100 workers. (…)

Apart from the offices that might attract the Evo Banco buyers alike, the bank put on sale its management company, CatalunyaCaixa Inversio

Real Estate Business

After clashes with Kennedy Wilson and Värde Partners, the bank put on sale its real estate company again, CatalunyaCaixa Inmobiliaria. (…). Now the branch is being offered to other bidding finalists.

Once these divestments brought to an end, the FROB will tender an entity having 715 offices in Catalonia with 4.600 employees and market share of 11%. (…) The entity received a €12.000 million aid. By undertaking the said measures, the State could return maximum of the amount granted by Eurogrupo without relying exclusively on Bankia´s privatization.

 

 

Original article: Expansión (D. Badía & S. Saborit) & Expansión

Translation: AURA REE

51