SAREB was created in context of obtaining a credit line of €100.000 million cap from the European Financial Stability Fund for Spain destined exclusively for the financial sector´s recapitalization needs.

The Asset Management Company for Bank Restructurings (“La Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria” in Spanish) is a private equity entity established in November 2012 for a determined period of time, namely 15 years, until 28th November 2027. Its social destination is tenancy, direct and indirect administration, acquisition and asset awarding and, in this case, liabilities issued by lenders that were to become a public aid tool.


When it comes to the company´s financial structure, the majority of the capital is private (55%), whereas 45% belongs to the Bank Restructuring Fund (“Fondo de Reestructuración Bancaria” in Spanish), known as FROB. Its shareholders like Banco Santander, Caixabank and Banco Sabadell are noteworthy.

Sareb shareholder´s equity consists of 25% of capital and 75% of subordinated debt. The following table shows its distribution within each entity (issue premium included):

About us - Sareb 1ASSET TRANSFER

In regard to real estate and financial asset transfer, on 31st December 2012 Sareb received from the four nationalized entities from the Group 1 (BFA-Bankia, Catalunya Banc, Nova Caixa Galicia  Banco, Banco Gallego and Banco de Valencia) a total amount of €36.694 million. Furthermore, on 28th February 2013 it received assets proceeding from the four semi-nationalized banks from the group 2 (BMN, Liberbank, Banco Caja3 and Banco CEISS) of a total quote of €14.087 million. Detailed asset value for each entity is presented as follows:

In reference to the financial structure by February 2013, in compensation for the assets transferred Sareb provided the awarded entities with senior bonds  issued for 1, 2 and 3 years. The senior bonds amassed €50.781 million, capital of €1.200 million and a €3.600 million subordinated debt.

About us - Sareb 2


In February 2013, when all the financial and property assets from the nationalized entities belonging to the Group 2 were received, the final portfolio constituted as follows. As we can observe, 56% of the properties were of residential type and 26% were attached. Regarding the credits received, the majority of them (41%) had residential properties as collaterals.