Spain to Seek Foreign Investors to Offload Bank Property

Spanish Economy Minister Luis de Guindos expects foreign investors and real-estate funds to help offload property assets from banks’ balance sheets and ruled out using public funds to shore up the industry.

“A third-party partner is going to enter into this asset management company if the valuation is the correct one,” said Guindos, 52, in an interview in Madrid late yesterday. The government “will set the general rules to do that but without any kind of subsidy. We are not going to put in any money.”