Spanish Banks

Well I am of the view one of them most certainly is and the story about the activities of one of Spain’s banks this week really does take a lot of believing.

One of the companies in our group has a master agency agreement with a Spanish bank and had bought a serious investor to the table to buy a development of 100 apartments and negotiations have been on-going but recently slowed down but the bank had indicated there willingness to agree to a deal for all the apartments in the development. To my astonishing amazement I got an email on Tuesday evening for another agency offering the apartments with a closure date of 20 May. So in essence the bank had been two timing our sister company and as you can imagine caused us huge problems with our investor clients.

Could you imagine HSBC behaving is such a manner and just shows that this Spanish bank for what it is. At very best they are just liars and deceivers and obviously one will need to decide our next course of action.

However this most certainly doesn’t help the Marbella property market