Deloitte Legal has advised the FROB on the recent acquisition of 4.24% of Sareb’s share capital, thus reaching a 50.14% stake in this company and making effective the takeover permitted by Royal Decree-Law 1/2022, taking effective control of the company.
Royal Decree-Law 1/2022 of 18 January eliminated the limits on the State’s shareholding in
Sareb (Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A.), allowing the FROB to increase its stake in this company’s capital.
Following the meeting of the reduced Governing Committee on 1 April, at which it was agreed the formalisation of the sale and purchase, and having completed all the formalities for the sale and purchase, on 5 April, FROB´s acquisition of Sareb´s shares was formalised in a public deed on 5 April.
Following the acquisition of 4.24% of Sareb’s share capital, FROB now holds 50.14% of Sareb’s share capital, which has been formally notified to the company.
As a result, Sareb has amended its articles of association to reflect the new shareholder structure and formalised the exit of the proprietary directors representing private shareholders.
With this new shareholder structure, the Sareb Board of Directors has today named Javier Torres, until now proprietary director representing the FROB, the company’s new executive chairman, replacing Javier García del Río, who has resigned from the position for personal reasons.
Deloitte legal advised FROB with a team formed by partner and head of the firm´s Regulatory & Compliance area María Guinot, Regulatory & Compliance partner Manuel Angel Gómez Gilabert, principal associate Agustín del Río and lawyer Marc Castro.