Ektornet manages and develops Swedbank’s repossessed properties to recover as much value as possible. The takeover phase is expected to be largely completed in 2012. Greater focus is now being placed on sales activities.
Ektornet was officially formed in 2009. The purpose of its operations is to recover as much value as possible and reduce costs, thereby protecting the bank’s receivables and minimising impairment losses. This is done through development and other value-creating measures.
As part of the bank, Ektornet operates under different conditions than an ordinary real estate company. Its properties must be sold at latest as soon as it is possible without a loss. If a property is not sold within three years of acquisition, special authorisation must be obtained from the Swedish Financial Supervisory Authority to maintain the holding. Ektornet has a close collaboration with the bank’s FR&R teams and has an advisory role in the bank on issues involving reconstructions, among other things.