Over half of Spain's savings banks are joining forces to sell defaulted property and developments through the launch of a new vehicle, Ahorro Corporación Soluciones Inmobiliarias (ASCI). The new company, which will be managed by Ahorro Corporation, a financial services group jointly owned by the Spanish Cajas, has already been transferred EUR 3 bn worth of assets which the Spanish savings banks have received from property companies in exchange for debt.
Over half of Spain's savings banks are joining forces to sell defaulted property and developments through the launch of a new vehicle, Ahorro Corporación Soluciones Inmobiliarias (ASCI). The new company, which will be managed by Ahorro Corporation, a financial services group jointly owned by the Spanish Cajas, has already been transferred EUR 3 bn worth of assets which the Spanish savings banks have received from property companies in exchange for debt.
According to Spanish newspapers, 23 of the 42 Cajas in the country are participating in the new vehicle, which is led by Antonio Fernández and Luis Sánchez-Guerra. Under the new structure, the properties, mostly plots of land, apartments and holidays homes, will be sold via the Ahorro Corporacion network counting over 17,000 offices in Spain. Each savings bank contributing assets to ASCI will receive shares in the company proportional to the value of the properties they are transferring.
