Question:

The SAREB looking for a new director for the differences with the current

by  |  8 years, 8 month(s) ago

0 LIKES UnLike

The impossible mission SAREB is claiming its first victims in the dome of the institution. After just one year in office, the president of the so-called bad bank, Belén Romana, is already looking for a substitute for the CEO of the company, Walter de Luna, who leaves for differences on a business plan that was born with the mission get rid of 50,000 million euros in assets brick for 15 years. In addition, and despite the difficult situation experienced by the Spanish property market, have to do with benefits. As sold to attract investors, the plan also included the ambitious goal of achieving an annual return of 15 % which then slowed to 14 % over the entire life of the organism.

The version of the bad bank shareholders is that the president is convinced that society must face the great challenge this year to manage its balance sheet and that, " since late last year," looking for a new CEO to replace De Moon and with a profile suitable for this task. The same sources say that regardless of the differences that may exist between Romana and its current " right hand," the president appreciates the work done so far by the CEO, who left ING Bank to join the public body. They also point out that the desire of both is that the relay is done on a " gradual and orderly " as Efe. In fact, De Luna continues in the company while seeking other alternatives.

The current situation in the SAREB is not comfortable for the management team, so Roman is moving expeditiously to find a new CEO. Walter de Luna is not the first executive leaves the body, Miguel Garicano, also from ING, left his post as director of process and reporting since July last year. Financial sources stressed that the interim Walter de Luna is a destabilizing factor and a deterrent for new projects and the business plan you need the SAREB in the coming weeks.

From SAREB have declined to comment, but the sources have explained that the current CEO of the company has been "useful" for the first stage of society, in which the main task was to sort the portfolios and start to operations, but agree that " no experience in managing the balance " and that is what we now need the bad bank. "One thing is set up the business and quite another to run the business day to day and there always seems to have been no overlap between the " have added since financial sources cited by Reuters.

" From minute one had differences that have focused on the business plan of an entity run by a bicefalia in which the financier Walter de Luna Romana political profile and have not finished combine," said the latter font. Walter de Luna, who was the top real estate orange responsible bank in Spain and Portugal, was signed by the SAREB in November 2012 and subsequently ratified by the board.

two candidates Respondents shareholders, meanwhile, think that it is likely that soon Belén Romana propose them "at least two candidates" to CEO so they can give their opinion. However, they believe that it may need even more time and insist that the chosen must have experience in managing the balance and be willing to do so without charge more than half a million euros a year, the maximum salary that can pay society. This amount included the fixed and variable. The emergence of new real estate investment funds in Spain, willing to pay higher amounts, are making it difficult to find a candidate capable of managing such a large company as SAREB. Besides the strong public exposure that has the charge and the risk of success of the project added more problems.

De Luna 's successor must also assume the ambitious business plan of the institution, which in fact it is possible that further adjustments will soon suffer. In this regard, last March and is slightly revised down to an annual return of 13-14% in its 15 years of life from 14-15 % previously. In the market these objectives aroused many doubts in view of the poor state of real estate in Spain. These doubts led BBVA to refuse to enter the capital SAREB.

Since the beginning of its establishment, the company found it difficult to start the process of selling its portfolio of approximately 107,000 and 90,000 properties SAREB loans from nine institutions rescued as Bankia and Banca Catalunya. However, towards the end of the year, the company has begun to increase its sales pace until November had achieved revenue from asset sales 2,000 million.

 Tags: current, differences, director, looking, SAREB

   Report
SIMILAR QUESTIONS
CAN YOU ANSWER?

Question Stats

Latest activity: 8 years, 8 month(s) ago.
This question has 0 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.