15 March 2019 – El Confidencial
Sareb is determined to change track. The entity chaired by Jaime Echegoyen (pictured below) has taken the decision to cut back the contracts that it currently has with its servicers (Haya, Altamira, Solvia and Servihabitat), in an overhaul of the work that is currently carried out by those platforms.
The timing is perfect, given that Haya’s contract is due to expire at the end of this year and the rest of the agreements mature in 2021. To this end, the bad bank has engaged the advisory firm DC Advisory (previously Montalbán) to help it redefine the servicers’ contracts. The business generates commissions of around €100 million per year.
Sareb is keen not to renew the existing contracts with lower commissions but rather to design a completely different model with new conditions and perimeters. The options range from assuming more of the work itself in-house to organising the out-sourcing of the portfolios by region.
The pressure is on for Sareb to divest its assets given that the entity itself has an expiry date and the current climate is ideal for undertaking operations.
Original story: El Confidencial (by R. Ugalde & J. Zuloaga)
Translation: Carmel Drake