14/04/2014 – ExpansionPro
The Management Company for Assets Arising from the Banking Sector Reorganization or Sareb has got plenty of work for lawyers. It has run two processes to find lawyer offices that would help it with asset awarding, acquistion and renting on one hand and with finishing some of the thousands of crisis-halted developments transferred to the bad bank by other entities on the other.
Although a dozen of offices have been invited to take part in the race, only 6-7 of them will snap a contract in each process. (…).
Last year, the Spanish bad bank approved 123 external servicers. In case of advisors, Clifford Chance with Gómez-Acebo, Pérez Llorca, Ramón y Cajal, Broseta, Deloitte Abogados, Cuatrecasas and Osborne Clarke were employed for Sareb´s portfolio management. During almost a year, more than 300 lawyers worked full-time on analysis of around 200.000 assets, a project handed over few weeks ago. This time, Sareb returned to some of them.
A contract with Sareb is very desirable despite limited budget the bad bank has for outsourcing management. Belen Romana, the chairwoman of the company, warns about specific type of services she will need for each part of assets and therefore restricts her right for choice of lawyer firms.
Original article: Expansión (by Sergio Saiz)
Translation: AURA REE