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Santander Creates a New Real Estate Servicer for Non-Performing Assets

The bank chaired by Ana Botín has launched a non-performing asset management platform (for NPLs and foreclosed homes) that will also render services to third parties.

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Banco Santander has decided to enter the servicing business by setting up its own non-performing real estate asset manager.

The objective of the company – which has been integrated into the Deva Servicer project- will be, on the one hand, to reduce the management costs of its assets (it has been paying more than 450 million euros a year in management commissions to Altamira, Aktua and Aliseda, the three servicers with whom it works) and, on the other hand, to generate business by providing its services to third parties.

Read the full article in Spanish.

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