Sareb Revises Banco de Valencia Asset Transfer

11/11/2014 – Expansion

Sareb said it had amortized a €89.9 million part of senior debt after rectifying the asset transfer agreement with Banco de Valencia (the headquarters pictured), now belonging to CaixaBank.

Last November 5th, the bad bank of Spain and the Catalonian entity amended the contract from December 2012 and subsequently modified document from March 13th.

When the bailed-out banks conveyed their assets to Sareb (end 2012 – mid 2o13), they signed a clause stating that the firm chaired by Belen Romana could return a part of the received loans and properties, provided that they neither were credits to developers nor overvalued real estate.

Once the rectification carried out, the agreement with Banco de Valencia on a transfer of a €1.96 billion worth of assets will be considered terminated.

 

Original article: Expansión

Translation: AURA REE

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