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Sareb bolters its structure for change in portfolio servicers

Alfredo Guitart, named Global Transformation Director, undertakes challenge of preparing the company for new incoming portfolio managers

Idoia Maguregui joins Sareb as Director of Corporate Resources following an extensive career with Bankinter, and more recently, at NCG Banco

In light of the arrival of new operators tasked with managing the Sareb portfolio from January 2015 onwards, once the Ibero process has been completed, the company has implemented a number of organisational changes. These changes are intended to ensure orderly portfolio migration and a smooth transition from former to new servicers. 

To this end, Sareb has created a new structure for working with the exiting managers, new servicers and the Sareb organisation itself to head up, coordinate and oversee the new tasks that lie ahead. Alfredo Guitart will be in charge of the team as the new Global Transformation Director. He has held the position of Director of Corporate Resources until now.  Guitart's new duties will include coordinating efforts with each of the three parties involved, as well as initiatives implemented to help consolidate portfolio service from the technological and operational perspective until the service level defined under the Ibero process has been attained.

At the same time, Sareb has appointed Idoia Maguregui as the company's new Director of Corporate Resources. Boasting extensive management expertise in the technology, operations, processes, human resources and internal auditing areas, Maguregui joins Sareb after serving as NCG Banco's Director of Corporate Resources for the past three years. From 2010 to 2011 she was an officer and director general of GNEIS Global Services, the technology and operations company of the Bankinter Group. Affiliated with Bankinter for 23 years, Maguregui performed a multitude of duties throughout her career with the company. Departments under her directorship included Systems, Human Resources, Internal Auditing Processes and Institutional Control.


Project Ibero

Sareb launched the Ibero tendering process a few months ago to select servicers to be in charge of managing the company's portfolio beginning 31 December 2014, the date of expiration of the contracts signed with the nine financial institutions transferring assets to the company.

Through this competitive process, Sareb seeks enhanced quality and efficiency in managing the company's assets by capitalising on the emergence of new professional operators specialised in third-party management. A significant number of the transferring banks either declined to provide this service or ended up selling their proprietary real estate platforms to these new market players.

On 3 November, Sareb awarded Solvia, Banco Sabadell's real estate company, management of the first portfolio, comprising properties from Bankia and loans and real estate acquired from Banco Gallego and Banco Ceiss. The process of awarding the remaining portfolios–made up of financial and real estate assets from Liberbank, Novagalicia Banco, BMN, Catalunya Bank, Caja 3 and the Bank of Valencia, as well as loans generated by Bankia–is in its final stage and will soon come to a close.