MADRID Feb 9 Spain's so-called 'bad bank',
Sareb, has rejected overtures from investment funds Cerebrus,
Fortress and Centerbridge to enter into its capital because they
were asking for advantages over other shareholders, Expansion
newspaper reported on Saturday without citing sources.
Sareb was not available for comment. None of the three funds
could be reached for comment and neither the Bank of Spain nor
the Economy Minister could confirm the report.
Spain set up the bad bank to hive off rotten real estate
assets dating from a property crash from lenders' balance sheets
as a condition of receiving around 40 billion euros ($54
billion) of European money to bail out ailing banks.
The head of Sareb, Belen Romana, sent a letter to the three
funds on Friday declining their entry into the bad bank's
capital, but leaving the door open for further talks, the paper
The funds wanted first choice on buying portfolios of
finished buildings and on supplying services to the bad bank,
the paper said.
Sareb took on 37 billion euros worth of troubled real estate
assets at the end of December from four nationalised banks,