FROB Sets Catalunya Banc´s Auction in Motion

3/06/2014 – Cinco Dias

The Fund for Orderly Bank Restruturing (or FROB by its Spanish acronym) has oficially started the bidding for nationalized Catalunya Banc. Process will take place in two stages.

Firstly. the FROB will invite to it the entities that showed most interest in purchase during the bank analysis phase. With the deadline at 14th June, the institutions will have to submit their binding offers.

The FROB will review the proposals and if any of them appears as firm favourite, the Fund will open the second stage where the final bidders (max. three) will be given a chance to improve their bids.

Another, parallel sale of Catalunya Banc´s loans has received plenty of non-binding offers.

 

Original article: Cinco Días

Translation: AURA REE

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