Sareb, the bad bank, continues organizing its managing team. The company which gathers all damages assets from the financial system announced yesterday the signing up of five new executives, who will join Belén Romana, president; Walter de Luna, general director; and Oscar García, general secretary. The latter joined the bad bank in December.
The company, shared by 55% by banks and insurance companies and by 45% by the Banking Restructuring Fund (Frob), announced the appointment of Alfredo Guitart, as director of Means. He was currently director of internal audit at ONO. Previously he had performed responsibilities at Endesa and Arthur Andersen.
The divisions of Real Estate Assets and Financial Assets will be headed by, respectively, Juan Barba and Luis Moreno. The first one comes from the venture capital company Doughty Hanson, where he has been in charge of the real estate area for six years. He has been linked to the real estate sector since 1995. Moreno, on his side, has a 17 year experience in the financial sector. He has worked at Royal Bank of Scotland, where he worked as the Restructuring Director for Spain and Portugal. Before working for the Scottish company, he worked for ten years at ABN Amro, where he was in charge of the Risk area.
Sareb has also appointed Orland García as director of Internal Audit. He had been representing the board of Catalunya Banc at Frob since 2011. Previously he had been responsible for, among others, the departments of Strategy, Legal Compliance and Internal Control at BBVA.
The new recruits announced yesterday is completed with Miguel Garicano, appointed Director of Processes and Reporting of Sareb. With 23 years of experience in financial multinationals, he comes from ING Commercial Bank, where he was in charge of Operations and Systems.
(…) Key areas such as Risks and Financial are still without a manager.
The organization of its top leadership is one of the challenges Sareb will be facing in a short term. After absorbing in December 37000 million Euros in assets from the four nationalized institutions, it will need to carry out a capital increase in the first quarter so as to absorb another 15000 million Euros in assets from other banks with aids. The management of the properties and credits included in its balance is another important disadvantage.