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In the First Year of its Existence Sareb Exceeds Sales Target With 9.000 Units

23/01/2014 – Cinco Días

At last some good news from the bad bank. Sareb closed its first fiscal year, 2013, with the sale of 9.000 real estate units, according to the chairman of Banco Sabadell, Josep Oliu who presented the annual results of the entity. The number is said to beat the 7.528 units assumed in the business plan in the last year. The overcome has been achieved by the sales speed-up in the last quarter of the year, brought about by the price reduction undertaken by Sareb. (…).

The latest data published by its chaiwoman Belen Romana showed that the bank had sold 4.600 units by November and the capital gains injected by all the transactions (…) reached 2.000 million Euros. Oliu has not commented on the revenues, nor the benefits of the bad bank.

The business plan mentioned before assumed annual gains equal to 2.163 million Euros, however due to the operational expenditure and, above all, the service of managing its debt by the financial institutions, the operational loss reaches 99 million Euros which will be lowered to 47 millions thanks to the positive duty effect. According to the document, the benefits will be drawn already in 2014.

As El Confidencial informs this week, the good operating performance has not prevented the outburst of the most serious crisis in the short life of Sareb: the resignation of the two directors caused by the opinion discrepancy among them and Belen Romana, that has also produced the leave of two independent advisors.

Sabadell´s chairman refused to comment upon the case, although he holds a 321.3 million Euro share of the bad bank, claiming that the trouble is an internal problem of Sareb (…).

Despite that, Oliu supported Belen Romana by admitting her enormous contribution to the rapid sales. (…).

Source: Cinco Días