Spain's bad bank transforms into real estate fund as it tries to stem losses
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MADRID (Reuters) - Spain's 'bad bank' is joining the ranks of the world's biggest real estate funds as it swaps loans for property in an attempt to limit losses on toxic assets it took on during the financial crisis.Sareb took over more than 50 billion euros (45 billion pounds) in real estate and other toxic assets from nine Spanish savings banks in 2012, part of a rescue deal as the government sought to try and draw a line under the country's banking crisis. Since the outbreak of the financial..