Frequently Asked Questions

What is Sareb?

Sareb is a divestment company whose mission is to manage and sell the assets transferred by the banks that received state aid. Sareb's portfolio is primarily comprised of property development loans (80%) and foreclosed properties (20%) that were purchased from these banks for 50.781 billion euros.

Is Sareb a bank?

Sareb is not a bank, it is an asset management company. It does not have a bank licence, hence it does not provide mortgages, nor does it operate as a bank. Its mandate is the sale of the assets transferred by the banks that received state aid, whilst aiming for the highest possible return.

If it is not a bank why is it called the "bad bank"?

In many countries, such as the USA, Germany, Ireland and Sweden there have been divestment companies such as Sareb, which are dedicated to managing the most problematic bank assets. Hence, in English this management model has been called "bad bank", without implying that these entities are a bank or that all of the assets received are bad. The same goes for Sareb, whose role is to divest the assets transferred and contribute to the recovery of the economy.​

Is Sareb a Public Entity?

Sareb is a private entity, given that the majority of its shareholding, 55%, is owned by private shareholders and it is therefore managed as such. However, its main shareholder is the Fund for Orderly Bank Restructuring (FROB), that is publicly owned, which owns 45% of Sareb's equity.  

Which banks and savings banks' assets did Sareb acquire?

Sareb received assets from the entities in Group 1 (BFA-Bankia, Catalunya Banc, NCG Banco-Banco Gallego and Banco de Valencia) and Group 2 (BMN, Ceiss, Liberbank and Caja3).

How does Sareb operate?

​In 2014 Sareb awarded the mandates for the management and sales marketing of its assets to Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia. Sareb's asset sales are completed using these servicers, who publish the company's products that are for sale on their platforms. The properties are also listed on the property finder at the following address

However, there are some very specialised asset transactions involving, for example, syndicated loans, land, offices and retail units and these are therefore sold directly through Sareb.

Institutional sales are marketed via competitive processes in which specialised investors are segmented and selected. Sareb also benefits from a wide range of flexible sales tools, such as Banks Asset Funds (Fondos de Activos Bancarios - FAB).

Is Sareb meeting its objectives?

Sareb is meeting the objectives that it was assigned as part of the bank restructuring process: it is helping to clean up the Spanish financial system, breathing new life into the real estate market and attracting overseas investment. During the last three years, it has sold over 35,000 properties and has saved the nation €7,300 million in debt amortisation.

What is a FAB?

Bank Asset Funds (Fondos de Activos Bancarios - FAB), are an instrument exclusive to Sareb and aimed at institutional investors. They are a flexible product inspired by securitisation funds. One of the appealing factors about FABs is that they provide extremely good tax relief to investors, especially non-residents, who are exempt from corporation tax.  The FAB itself is subject to 1% Corporation Tax.

FABs act as joint-ventures, in which Sareb maintains a percentage of the share capital. FABs must be managed by a regulated asset management company, as well as be registered in the National Securities Market Commission (CNMV - Comisión Nacional De Mercado de Valores). This product is aimed exclusively at institutional investors who are able to list on structured markets.

It is an extremely flexible vehicle for the investor, which can be adapted to their specific needs, according to the type of asset or investment required. One of the main benefits for Sareb is that it is a liquid and transparent vehicle, managed by a specialised organisation. In addition, by participating in the FAB, Sareb ensures that it will profit from the future appreciation of the real-estate or financial assets transferred to the fund. 

Will Sareb affect prices?

Sareb operates at market prices. It takes part in the real estate sector like any other player, in competition with other large operators. Sareb's role is not to regulate prices, but rather to sell at the very best prices, based on supply and demand.​

I want to buy a house. Does Sareb sell to individuals?

Sareb sells in the retail market via Altamira Assets Management, Haya Real Estate, Servihabitat and Solvia. If an individual is interested in acquiring a specific asset, he/she can get in touch with the entity that is managing the property and it will provide them with more information.

Does Sareb provide financing in order to purchase properties?

Given that Sareb is not a bank, it does not provide financing in order to acquire assets as part of its functions. However, it has reached several agreements with various Banks (Santander, Sabadell, BBVA, CaixaBank, Banco Popular, Caja Rural, ING Direct, Bankinter, Kutxabank and UCI), in order to increase the potential of a buyer to purchase a property and request a mortgage .