26/03/2014 – Expansion
Sale of CatalunyaCaixa Inmobiliaria is one of the crucial steps the bank shall take before its tender. Next, it shall shed the credit portfolio (consisting of both deliquent loans and mortgages) and transfer the office network outside Catalonia.
By achieving these targets, the bank will meet requirements imposed by Brussels at the moment of signing the bail-out agreement.
The sale of property manager turns out to be the key as almost 300 employees work within the platform and Catalunya Banc pledged cuts in staff. The two transactions will also reduce the bank´s stock in balance sheets (credit portfolios).
Once that accomplished, the Frob (Fund for Orderly Bank Restructuring) will put the group up for auction so that it could change hands before summer. The fund had to halt the tender twice by now. (…).
In total, the bank received a €12 billion bail-out (€13 billion if liquidity provided to pre-emptive holders taken into account).
Original article: Expansión
Translation: AURA REE