BAD BANK

Sareb number two to leave due to differences with chairwoman over strategy

Walter de Luna has been general manager of Spain’s so-called bad bank since November 2012

Belén Romana, the chairwoman of the asset-management corporation Sareb, the so-called bad bank set up to absorb the toxic real estate assets of Spain’s nationalized banks, is looking to replace the general manager of the institution, Walter de Luna, because of differences over strategy, newswires cited financial sources as saying Tuesday.

Sareb has taken on board some 50 billion euros in damaged property assets and has been charged with selling them off over 15 years, while achieving an average annual return on assets of 14 percent.

Romana appreciates the work put in by De Luna in putting Sareb’s property portfolio in order in the year it has been in existence but is now looking for a person more versed in balance-sheet management than De Luna. Sareb sources declined to comment on the newswire reports.

Before joining Sareb, De Luna was in charge of the real estate department of ING’s operations in Portugal and Spain.

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