27 March 2017 – Cinco Días
Bantierra, comprising the former entities Cajalón and Multicaja, is finalising the sale of a batch of non-strategic real estate assets to the Spanish Association of Rural Savings Banks, in an operation that has an approximate volume of €320 million.
Sources at the credit cooperative, which is headquartered in Aragón, reported on Friday that the aforementioned sale will allow the entity to fully cover the needs resulting from the implementation of the Bank of Spain’s new regulations.
In this way, according to the sources, Bantierra will definitively reduce its exposure to the real estate sector, which has been weighing down heavily in recent years, in order to ensure the firm’s future viability.
Original story: Cinco Días
Translation: Carmel Drake