Sareb, the bad bank, is taking the last steps to establish its managing team, already made of ten key executives, lead by the president, Belén Romana. The company, which holds damaged assets from banks, has hired Francisco Cordero as director of Cash FLow. Cordero was holding this position in ING Real Estate, the same company Walter de Luna, general director of the company, came from.
Sareb has been finalizing its leadership since the end of last year, as only two key positions are still vacant: Director of Risks and the person in charge of Human Resources.
The appointment of the managing team is being done at the same time as the hiring of the staff. Currently there are approximately fifty employees and there are plans for the staff to be between 100 and 150 employees, nearer to the first number.
Since its creation, Sareb has wished to show the greatest efficiency possible. Its strategy is based on a structure as light as possible, in order to maximize resources and profit.
One of the short terms objectives is to complete the organizational structure, even though the aspect which is looked upon most by international institutions is the drafting of a new business plan. The provisional one, with a time horizon of fifteen years, had forecast an annual profit of 14-15%
The European Commission, the ECB and the International Monetary Fund (IMF) certified last week that the original business model, which is being revised by the consulting agency KPMG, is not obsolete.
Brussels pointed out that there is still a lot of work to do and “the next few months had to be devoted to making Sareb a fully operative institution”. “A solid business plan should be the base of Sareb´s success, and therefore it is greatly important that it remains robust and credible”, it stressed.