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Sareb Launches Project Esparta to Shake Up its Servicer Arrangements

17 May 2019 – Cinco Días

Sareb has launched a new operation called Project Esparta, through which it is seeking to turn its existing strategy on its head.

The bad bank’s aims with this initiative are multiple: to create sub-portfolios into which to classify its assets; to renegotiate the contracts with its servicers to recover the services transferred to them; to delay sales and assume the stock of assets to generate added value; to create regional centres; and to equip itself with its own technological infrastructure. The overall objective is to professionalise sales and enhance the value of its assets.

As a result, Sareb is going to start renegotiating the contracts that it has with Haya, Altamira, Solvia and Servihabitat to recover some of the activities assigned to those servicers. Haya’s contract is due to expire on 31 December 2019 and according to the bad bank, it may be renewed in part or in whole, or the portfolio under management may be put up for tender. The contracts with Altamira, Solvia and Servihabitat are due to terminate in 2021.

Haya was hoping to make its stock market debut this year, but it will have to put those plans on hold until its future with Sareb is resolved.

Original story: Cinco Días (by Ricardo Sobrino)

Translation/Summary: Carmel Drake