Over half of Spain's savings banks are joining forces to sell defaulted property and developments through the launch of a new vehicle, Ahorro Corporación Soluciones Inmobiliarias (ASCI). The new company, which will be managed by Ahorro Corporation, a financial services group jointly owned by the Spanish Cajas, has already been transferred EUR 3 bn worth of assets which the Spanish savings banks have received from property companies in exchange for debt.
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