SAREB (The Spanish Bad Bank) was formed under Law 9/2012 for the purpose of managing assets derived from the reconstruction of the Spanish banking system. It was incorporated by the Fund for Orderly Bank Restructuring (FROB), the public entity in charge of managing the restructuring and resolution of credit institutions, for the purpose of absorbing the troubled assets of the Spanish credit entities that require financial aid in order to allow such assets to be concentrated in a single entity.
Ramón y Cajal Abogados was one of the Spanish law firms, as part of the consortium headed by Clifford Chance, that carried out the due diligence on all of SAREB’s assets: a total of 197,474 assets that include 107,000 real estate assets and 90,500 financial assets. SAREB is permitted to sell its assets through specific investment vehicles, the Bank Asset Funds and through the SOCIMIs (listed corporations for investment in the real estate market).
For additional information, please contact GFMI@mayerbrown.com.
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.