Sareb Receives 46 Offers From 8 Asset Managing Experts

18/06/2014 – Expansion

The bidding for asset management contracts with Sareb is taking shape. The bad bank chaired by Belen Romana received 46 non-binding offers from eight expert firms ready to administer and market its assets from 2015 on.

After obtaining the offers (some of them truly complex), Sareb and its advisor KPMG will analyze the proposals and prepare the next stages of the auction. Supposedly, the bidders will have to submit their binding offers by the end of July and the entire process will come to an end in September.

Many funds and banks interested in the stake filed for three to six portfolios out of the ten put up for sale and divided in accordance to the assignor banks: Bankia (2 portfolios), NCG Banco, Banco Gallego, Catalunya Banc, Banco de Valencia, BMN, Ceiss, Caja 3 and Liberbank.

The process has been opened for the banks themselves as well. The funds that have lately acquired servicers, i.e. Cerberus, Apollo, Blackstone, Centerbridge and Värde Partners-Kennedy Wilson are very serious players.

The stake consists of management agreements for €50 billion worth of REO assets. In 2013, Sareb paid €200 million for the administration service and now the amount could even increase.

To learn more about the Spanish bad bank, visit our SAREB section.


Original article: Expansión (by J. Zuloaga)

Translation: AURA REE