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Leopoldo Puig is appointed new CEO by Sareb

Today, the General Meeting of Shareholders of the Management Company for Assets Proceeding From Bank Restructuring (Sareb), approved the addition of Leopoldo Puig to its board of directors.

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Leopoldo Puig is appointed new CEO by Sareb

Today, the General Meeting of Shareholders of the Management Company for Assets Proceeding From Bank Restructuring (Sareb), approved the addition of Leopoldo Puig to its board of directors. He has since been named CEO.

Sareb's new management structure was also approved at the meeting. Javier Torres will be the non-executive chairman and Leopoldo Puig and he will directly report to the board.

Torres will remain the chairman of the board and oversee the institution dimension of the company. His goal is to ensure the proper functioning and representation of the governing bodies and to foster collaboration with public authorities.

Torres, who will also be responsible for areas of General Secretariat (which include Legal Advice, Regulatory Compliance and Security-- and Communications-- will keep close collaboration with Audit function, which is dependent on the Board of Directors' Audit Committee. Management.

Leopoldo Puig was Finance Director and Corporate Director until now. He is a Bank of Spain Inspector on leave of absence. He joined Sareb in 2020 after FROB. It has been responsible for piloting the implementation of a new management model that is focused on cost savings and efficiency. He has also worked to adapt the company's structure and business strategy to the current one, which is focused on the retail sale of real property and the creation of portfolio value through activities like real estate development.

"The appointment Leopoldo puig is key to face the challenges of this stage, in which company must advance its economic mandate aimed towards maximizing repayment of the debt guaranteed the State", stated Javier Torres (Chairman of Sareb), who highlighted that these challenges will also be met in a way compatible with strengthening measures that ensure the agency's sustainable management.

Javier Garcia del Rio, for his part, will complete his stage at Sareb within the next few days. He has completed the work required to support the transfer power requests by the board of director when he submitted his voluntary resignation.

The board expressed its appreciation to the manager for his "enormous dedication, commitment", at Sareb.

The board also approved today's appointment of Carmen Allo to the position of independent director, and Julian Navarro to the role of proprietary director representing FROB. This completes the renewal of the highest control and management body of the company, which is still made up of nine directors, three independent.

The meeting approved the Annual Accounts 2021 and Management Report correspondant to that period.

Marisa Garcia Camarero (General Secretary) and Ana Aranguez (Director of Portfolio Management) have both resigned from their respective positions due to personal reasons. Sareb approved the appointment of Jorge Pipaon, and Lucia Grana, as the new directors of the General Secretariat, and Portfolio Management area.

Also authorized was the appointment of Jose Maria Arroyo, who will replace Leopoldo Puig as Director of Finance and Corporate. These directors will be part of the Management Committee.

Jorge Pipaon is a State attorney with almost 20 years of experience in both the private and public sectors. He was the president and administrator of Cofivacasa since 2019, a public-sector state company that specializes in liquidation and administration of assets.

He is also a Public Law Partner at Toda

Lucia Grana holds a degree from CEU San Pablo University in Economics and a Management Development Program at IESE Business School. Grana has a long career in finance and real estate. She joined Sareb in 2013 and has held various positions in the areas financial assets and finance. She was named Director of Management Control in 2020 and has worked as the Deputy Director for Portfolio Management for a few months. Her previous positions included Banco Popular, Banco Pastor, and Deputy Director of Portfolio Management.

Jose Maria Arroyo, an inspector on leave from the Bank of Spain, has more than 25 year experience in both the public and private spheres. He has held various positions at Grupo Santander over the past nine years, including as the head of the Internal Models Validation section. He was previously responsible for various inspection tasks of credit institutions at the Bank of Spain.

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