Sareb’s new organisational structure

Sareb’s Board of Directors has approved the implementation of a more stripped-down and efficient operating structure that is better suited to a new environment marked by a strict assets valuation accounting standards and decentralised management through the servicers.

Under this new organisational structure, the number of general departments is reduced from three to two, and there will be two new general sub-departments that will report directly to the Chairman. One of them, the Resources Sub-Department, which will be led by Idoia Maguregui, will be responsible for all the technological and operational processes and systems that the company requires in order to fulfil its mandate, following completion of the final migration of assets to the new servicers a few days ago. Maguregui will also continue to be responsible for Personnel Management and the Procurement Department.

In turn, Iker Beraza will be the new Deputy Managing Director of Finances, Strategy and Management Control, while retaining his responsibility for financial management and strategy under the new assets valuation accounting standards introduced last year by the Bank of Spain. Beraza will also be responsible for the integrated management of company data, and will take charge of the Department for Efficiency and Balance Sheet Management, which will monitor the reduction and transformation of the portfolio.

Sareb will continue to have two Managing Directors, Alfredo Guitart, who is in charge of Business, and Manuel Gómez Gilabert, who will now head up the new department of Monitoring and Risk, which will cover the areas of Risk, Internal Auditing and General Intervention. This latter general department will also have responsibility for Legal Affairs, Regulation and Monitoring, which until now have been handled by Oscar García Maceiras, who has left the organisation to take up new professional projects.

The position of Secretary to the Board of Directors will be taken up by the head of Legal Affairs, Marisa García Camarero, who will now perform both roles simultaneously.

Sareb Executive Chairman Jaime Echegoyen explained that “with the organisational restructuring that we have approved, Sareb will be in a better position to adapt successfully to its new circumstances, now that the migration of its assets is complete and the company’s new assets valuation accounting standards have been approved”.