The winner of this race, where Altamira, Solvia, Finsolutia and Hipoges also participated, will be known within the next few hours, according to market sources reported by El Confidencial.
Sareb has already set several terms for this new contract. The limitation of the servicer’s functions to become just a real estate seller and lender is one of them, making Sareb responsible for all the other services connected to the portfolio. Another term revealed by the newspaper is the duration of the contract which will be set between 2 and a half and 4 years.
The renewal of this contract is part of Projeto Esparta (Sparta Project), which seeks to change this and other contracts, so that Sareb can take on more responsibilities internally, such as controlling sales within the portfolios, loan recovery processes, building maintenance and NPL management.
3 more contracts of this type should be renewed in 2021 following the same premises. Sareb’s goal in this process is to reduce the management commissions on this type of portfolios, which reach hundreds of million euro.