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Spain's bad bank SAREB names Echegoyen CEO

Source: Reuters - Sun 23rd Feb 2014
Spain's bad bank SAREB names Echegoyen CEO

Spain's so-called "bad bank" SAREB will name Jaime Echegoyen, former CEO of Bankinter, as the as second-in-command to Chairwoman Belen Romana in a new CEO role, SAREB said on Sunday.

SAREB was set up to cleanse Spain's rescued banks of their soured property loans and real estate.

The bank is taking advantage of interest from foreign investors for its holdings and late last year it sold two portfolios of loans worth a total of 323 Mln (261 Mln) to Deutsche Bank.

Echegoyen was chief executive officer at retail bank Bankinter until October 2010 and left to run the Spanish arm of UK bank Barclays before stepping down at the end of January.

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