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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Suisse Ag | NYSE:CRP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.61 | 0.00 | 01:00:00 |
By Jeannette Neumann
MADRID--The chairwoman of Spain's so-called "bad bank" has stepped down and will be replaced by the current chief executive, the entity said in a statement.
President Belén Romana is leaving the bad bank, known by its Spanish acronym Sareb, and Jaime Echegoyen will take over the role. Sareb said that Ms. Romana's resignation was "voluntary," and that it had not named a new chief executive. Mr. Echegoyen was now the entity's "main executive."
Mr. Echegoyen was appointed chief executive of Sareb in Feb. 2014 after leaving his post as head of Barclays PLC in Spain and Portugal as the U.K. bank was put up for sale amid a downsizing around the globe.
Sareb was created in November 2012 as a depository for the most troubled Spanish banks to unload €51 billion ($57.1 billion) in risky real-estate loans, residential foreclosures, unfinished commercial properties and undeveloped pieces of land.
The banks that had transferred those real-estate related assets to Sareb also had been tasked with marketing and selling properties and loans on behalf of the bad bank. Some investors and analysts said that process created potential conflicts of interest because the banks were also trying to sell their own real-estate assets at the same time that they were trying to unload Sareb's properties and loans.
In an attempt to diminish those perceived conflicts of interest and step up the pace of sales, Sareb announced in December that it had selected major investment firms like Apollo Global Management LLC (APO), TPG Capital Management and Cerberus Capital Management LP to market and sell about €41 billion worth of property assets on its behalf.
Write to Jeannette Neumann at Jeannette.Neumann@wsj.com
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