Creating Sareb was a condition of Europe’s bailout of Spain’s banks. It allowed lenders that took state aid, such as Bankia SA, to jettison soured assets. With mounting public anger about the bailout, the government persuaded banks such as Santander SA and CaixaBank SA to buy a 55% stake in Sareb. The government controls the rest.
MADRID: Spanish bad bank Sareb’s record of selling assets has been far from stellar. To understand why, look no further than this frustrated buyer of a Costa del Sol property.
The buyer, who asked not to be named, contacted Sareb about the plot around a partially finished golf course in southern Spain. For Sareb, charged with offloading non-performing assets taken over from Spanish banks, it was an opportunity to tick another problem property off its list.
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