Spanish leveraged arm for RBS

The Royal Bank of Scotland has hired two new directors to establish a leveraged finance operation in Spain.

The Royal Bank of Scotland has appointed Beltrán Paredes and Rocio Cuenca-Torres as the directors responsible for forming a new leveraged finance team based in the firm’s Madrid office.

Paredes, as head of the team, will be responsible for acquisition and mezzanine finance activities in Spain and Portugal and will report to the bank’s joint heads of leveraged finance, Eric Mallaroni and Euan Hamilton.

Beltrán joins RBS from Dresdner Kleinwort Wasserstein where he was in charge of the group’s acquisition finance team in Spain. In 1994, he joined the corporate banking division of Société Générale in Madrid and in 1998 was made vice president of its structured finance business where he led a number of acquisition finance deals. Before that he was with The Mitsubishi Bank.

Cuenca-Torres joined RBS in London in 1989 and has been in leveraged finance for the last five years. She moved to Paris in 1998 and helped build RBS’s presence in the French LBO debt market.

The Royal Bank of Scotland Leveraged Finance is part of the bank’s Structured Finance division. It employs 500 people across eight countries. In 2001 RBS completed 190 leveraged transactions underwriting more than E6.2bn. The establishment of a leveraged finance division in Madrid is the latest in a line of such moves RBS has made over the last three years. The group’s other European offices are in Germany, France and Italy.