[ad_1]
The cleaning operation of the brick is gaining momentum in Spain. In ten months, large and medium Spanish banks have announced transfers of toxic assets of their real estate assets worth 37,600 million euros. By the end of last year, the total real estate ballast of the sector, including rural areas, had risen to 151 billion euros.
Calculations include large sales reported by Santander, which marked the way with the cleaning of Popular, BBVA Spain and CaixaBank Also 10,800 million that Sabadell wants to yield before August. One of these four portfolios is already sold
Thanks to these transactions, BBVA, CaixaBank and Sabadell will upset their balance sheets, which will result in an improvement in their profitability.
Express form the weight of toxic assets in their balance sheets in Spain up to 4% or even lower, a level considered normal by rating agencies.
Casuística
CaixaBank, which announced Thursday the block transfer of all its properties to a company controlled by Lone Star, has entered the group of the healthiest banks from one day to the next. other.
The entity was left with only outstanding loans and, thanks to that, reduced the half of your real estate backpack. Of the assets transferred, 33% is land, 56% is completed and 11% is under construction.
The toxic assets of Banco de Valencia, which are protected from future losses of the Fund for the Orderly Restructuring of Banks, have remained out of this operation. Most of his real estate was stationed at his time in Sareb.
Sabadell will become the bank with the most unpaid loans and houses to show the cleanest balance with BBVA and Bankinter. Much of his backpack comes from CAM and is protected by an asset protection system of the Deposit Guarantee Fund, whose approval is required to close this deal.
According to Goldman Sachs, if you get rid of 10,800 million assets Sabadell can be placed at Bankinter level for profitability. According to his calculations, his Rote (return on capital) will increase to 11% and his stock market value will exceed his book value for a long time.
Thanks to the sale a few months ago of a batch of 78,000 real estate, BBVA Spain managed to match the low real estate exposure of Bankinter, which was hardly affected by the flatness of the bubble because it did not increase the balance with the financing of the promoters. This explains why its profitability is more than double that of its rivals.
Cerberus, the buyer, valued these properties, many Catalunya Caixa and Unnim, with a reduction of 61%. A few days ago, BBVA also sold 1,000 million delinquent loans, the largest portfolio of this type transferred by a bank in Spain.
The emptying of real estate assets allows the profitability of the banking business to emerge. , b, e, v, n, t, s)
{if (f.fbq) returns; n = f.fbq = function () {n.callMethod?
n.callMethod.apply (n, arguments): n.queue.push (arguments)};
if (! f._fbq) f._fbq = n; n.push = n; n.loaded =! 0; n.version = 2.0 & # 39 ;;
n.queue = []; t = b.createElement (e); t.async =! 0;
t.src = v; s = b.getElementsByTagName (e) [0];
s.parentNode.insertBefore (t, s)} (window, document, & quot; script & # 39;
& # 39; https: //connect.facebook.net/en_US/fbevents.js');
fbq (& # 39 ;, & # 39; 809027795973656 & # 39;);
fbq ("track", "Pageview");
[ad_2]
Source link
