Business results:

The Management Company for Assets Arising from the Banking Sector Reorganization (“La Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria” in Spanish) closed its first complete operative year with an Ebitda equal to €1.195 million. Additionally, the bad bank cancelled € 2.000 million of Spanish Government guarantee debt, and paid interest for more than €1.200 million.

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Total revenue in 2013 reaches €3.800 million. 41% of the amount derives from Sareb’s divestment activity (21% from property sales and 20% from credit sales). Besides, 20% proceeds from credit interest.



In regard to sales, most of them took place in the second half of the year.
Through the retail channel, Sareb sold 9.000 assets and 2.500 hectares of land. Considering the wholesale and direct channels, over a dozen of transactions have been closed. 80% of them were loans (both syndicated and bilateral) or loans with commercial properties as a collateral. Remaining 20% corresponded to asset portfolio operations.