4/06/2014 – Expansion
Within one and a half month, all the entities interested in buying nationalized CatalunyaBanc will have to provide the FROB (Spain´s Fund for Orderly Banking Restructuring) with their binding offers. The bank on sale has received a €12 billion bail-out during the recession. Now, CatalunyaCaixa says it is ready to change hands due to having cleansed its balance over the past few months.
Today, CatalunyaCaixa asserted that its €6.5 billion loan portfolio will be sold separately and the bank has already received 12 non-binding offers for this Hercules Project. Right now, the FROB is reviewing the proposals. As Expansion has been told, there are four of them with the highest odds of winning: those submitted by teams of Blackstone and TPG, Apollo and Centerbridge, Cerberus and Goldman Sachs and the one of Pimco and Deutsche Bank.
It is worth to mention that two previous attempts to sell the loan package fizzled out.
Once the Hercules substracted from its balance, CatalunyaBanc´s core capital ratio shows 16.6%, whereas the loan to deposit ratio stands at 94%.
The FROB decided to cancel the sale of the bank´s offices outside of Catalonia, only 43 will be finally added to the nationalized entity´s sale in order to meet the ECB´s requirements on basis of the bail-out.
The sector humms at least three banks, i.e. Santander, BBVA and CaixaBank (some say Popular, too) have submitted binding offers for CatalunyaCaixa.
Original article: Expansión (by M. R.)
Translation: AURA REE