Reorganization in Sareb to improve management of its portfolio

Sareb has redesigned its structure in order to manage its portfolio more efficiently and better adapt to the changes taking place in the market. The reorganisation will involve the appointment of Jaime Echegoyen as CEO. Echegoyen will thereby contribute his experience to the strategic reorganisation that the company is carrying out.

Echegoyen, who graduated in Law from Universidad Complutense, has spent his entire professional career in the finance sector, where he was chairman of Bankinter and former head of Barclays in Spain.

Sareb’s President welcomed the new CEO, who will contribute “his experience and extensive knowledge of the finance sector, in order for the company to successfully tackle future challenges.”

The new CEO, thanked the company for the opportunity to join “a unique and key project for the Spanish economy. Belén has brought together a group of professionals that has created a company from scratch and which has become a benchmark to follow for the whole market.”

After a key first year, focused on getting to know its portfolio and setting up sales and lettings channels, Sareb has redefined its strategic business lines, in order make sure they are more in line with the current situation.

“Sareb is a responsive and dynamic company, which is more than capable of adapting itself to new challenges. We are now moving in to a new stage, with a structure that allows us to more efficiently complete our objectives”, explained Romana.

The management carried out over 2013 allowed Sareb to bring in revenue of over 3.8 billion euros, amortise 2 billion euros of debt, and thereby move towards it is goal of managing and disposing of the portfolio without any cost to the general public.

New Departments

The aim of the reorganisation being carried out by Sareb is to achieve a more integrated form of management for the sale and letting of its assets, to add value to the portfolio of transferred assets and more actively manage its credit risk.

Hence a Sales and Lettings Department has been created, which will be charged with managing all divestments – whether they be financial assets or real estate assets – under one unified approach. Juan Barba, to date Director of Real Estate Assets will head up this Department.

In order to more actively manage credit risk, the Restructuring and Recoveries Department has been set up, which will be headed up by Enrique Saiz. Holding a degree in Economics, Saiz joined Sareb from Banesto, where he spent a large part of his professional career and where he was, amongst other positions, Director of Recoveries.

The need to guarantee generating value within the company’s balance sheet, was the reason behind the creation of two new areas, one for the Lettings Portfolio and the other for Strategy. The first will be headed up by Olga Guitián, who was previously the Director of Internal Monitoring and Compliance. The second will be directed by Iker Beraza, who up until now was the Director of Macro Analysis and Corporate Relations.

Finally, a Corporate Resources Department has been created, which will incorporate the Media and Operations Departments. Alfredo Guitart will head up this Department.

New independent board member

Banco Popular has proposed replacing its board member Francisco Sancha – after his appointment as CFO of said bank – with Rafael de Mena, who is the Director of Affiliates for the bank. The appointment of the new board members will be submitted for the Annual General Shareholders Meeting approval, which will be held soon.