Santander Branches of Oleguer Pujol Foreclosed by Creditors

25/11/2014 – Expansion

A group of creditors led by Santander, CaixaBank and BNP Paribas capitalizes debt of Samos, renames the company and hires the president of Barclays, Carlos Martinez Campos.

The banks seize 1.150 Santander branches (one-fourth of all in Spain) sold to a group of investors for more than €2 billion in 2007 and prepare them to go public. According to financial sources, a banking consortium which financed the purchase renamed Samos Servicios y Gestiones the ‘Uro Property Holdings Socimi‘.

The operations put an end to the relation of the company owning the offices with its former managers, Oleguer Pujol and his ex-partner from Drago Capital, Luis Iglesias, both being investigated by the Supreme Court for money laundering and fraud. Precisely, the origin of the equity with which Mr. Pujol had paid for the branches was quite shady.

The new Socimi (Spanish counterpart of a REIT vehicle) is expected to go public in January 2015. In order to clear the name of the new investment trust and dissociate with the youngest son of Pujol Ferrusola, the new owners of 91% of the firm asked for an official statement proving that Uro Property Holdings is free from any irregularity. According to the acquisition agreement, Santander preserves a right to repurchase some of the offices.


Original article: Expansión (by Jorge Zuloaga), Bolsamania

Translation: AURA REE