The Shareholders of the Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) met today in Madrid and unanimously backed the steps taken in the first months since its creation, which has allowed the company to provide the necessary structure to start the work with which it has been entrusted, namely the disposal of its assets.
Shareholders have approved the accounts for 2012 –a year with only one month of activity-, Sareb's capital structure, as well as the transfer of assets from the Group 1 banks (Bankia, Catalunya Banc, Banco de Valencia, Novagalicia and Banco Gallego) and the first issuances of debt.
Additionally, the Board has unanimously voted in favor of remunerations for 2012.
In her address to the Shareholder Meeting, Sareb's President, Belén Romana, highlighted the progress that Sareb has made in order to make the company fully operational, despite having only been created late last year.
Belén Romana pointed out that in 2013, its first fully operational year, Sareb faces "a complex task, as it has to develop its own structure, whilst simultaneously making progress in the management and divestment of its assets"
She also stated that "from a commercial perspective we have come a long way, having created joint sales platforms with the contributing banks, we have launched the first portfolio of assets for the institutional market, and just closed the first sale of a stake in a syndicated loan."
"We are convinced that we are making steps in the right direction, and pleased with the development of the company in these first few months. We have worked hard to get up and fully running in the shortest possible time" added the President of Sareb.
Over 2013 the company has achieved significant goals, having completed its equity structure and agreed on the composition of a stable and committed shareholder structure, which has brought the requisite resources to permit it to operate normally.
Sareb must also continue to increase its knowledge of its portfolio of assets, which is comprised of over 50 billion euros worth of real estate, loans and debt, which it must divest over its 15-year lifespan. The complexity of this portfolio meant that a detailed due-diligence was required.
At the same time, the company has hired the necessary, high profile human resources for it to undertake its task. At this time, approximately half the necessary personnel have been put in place. All this without neglecting strategic issues, such as the start of operations in the three sales channels: retail, institutional and individual assets.
Transparency and good governance
Alongside the management of its business, Sareb has striven to provide the highest standards of transparency and good corporate governance, through regulations and internal rules governing its activity. On the one hand, these affect the members of its Board of Directors, who have been subjected to a rigorous policy in order to avoid conflicts of interest. The selection process of service providers has also been based on principles that establish competitive bidding, rotation, non concentration, and transparency in selection processes.
One of the latest initiatives has been the adoption of a strict code of conduct for employees, ensuring their objectivity and impartiality in decision making, and forbidding any party with access to confidential information from purchasing or renting Sareb assets.
As the company's president outlined to the shareholders meeting "Integrity, transparency and ethical commitments are the three essential pillars on which the success of Sareb will be built, helping us undertake the complex but exciting task with which we have been entrusted."