Who we are
Sareb, Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, was born out of the need, shared by the Spanish government and European authorities, to recapitalize several institutions affected by the financial and real estate crisis that began in 2008. Its mandate is to manage and liquidate the impaired assets of these institutions and thereby repay the debt that Sareb issued which bears the guarantee of the Spanish State. Moreover, it does so by incorporating the principle of sustainability and social utility in its management.
During 2012 and 2013, the company received 198,211 problem assets from a group of successor institutions to 24 savings banks and their subsidiaries that had received public aid. The assets were transferred in two phases:
Group 1
Caja Madrid, Bancaja, Caja Insular de Ahorros de Canarias, Caja de Ávila, Caixa Laietana, Caja Segovia, Caja Rioja
Caixa Catalunya, Caixa Tarragona, Caixa Manresa
Caixanova, Caixa Galicia
Entidad controlada por NCG Banco
Entidad controlada por Bancaja
Group 2
Caja Duero, Caja España
Cajamurcia, Caixa Penedés, La Geral, Sa Nostra
CajaAstur, Caja de Ahorros de Castilla-La Mancha, Caja Extremadura, Caja Cantabria
This portfolio, which included loans to developers and foreclosed real estate, was acquired through the issuance of €50,781 million in bonds guaranteed by the Treasury. Since then, Sareb has managed each asset with the aim of maximising the repayment of its debt, seeking to minimise losses for the taxpayer.
In 2022, the State, through the FROB, took a majority stake in the company and incorporated the principles of sustainability and social utility into its management, which enabled Sareb to implement several social initiatives in the areas of housing and land.