Santander´s RE Servicer Reduces Loss to €146 Mn

30/04/2014 – La Informacion

The company established by Santander with view to managing the its real-estate-owned assets was hit by €146 million detriment in the first quarter of 2014. To compare, in the same period in 2013, the unit brought a €175 million loss.

The news was told by Grupo Santander´s financial director José Antonio Álvarez at a recent press conference when the officer also added that the target of the bank is to continue trimming its balance, as at the end of March it marked €10.3 billion.

This way, March concluded for the bank with a 14% lesser exposition to real estate activity.

Santander´s property-backed loans had a 51% coverage, while the REO assets were covered in 55% (out of which 43% corresponded to buildings and 63% to land).

 

Original article: La Información

Translation: AURA REE

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