Property | International

This French bank is stepping up to the plate

To raise home loans to low-income borrowers

  • Reuters
  • Published: 14:19 December 13, 2012
  • Gulf News

Paris: French state-owned Banque Postale plans to step up its mortgage lending to low-income borrowers next year and says it will hire hundreds of staff from rescued rival Credit Immobilier.

Shrugging off a dire 2012 for new mortgage production amid a flatlining French economy, the bank said it was targeting 1 billion euros (Dh4.84 billion, $1.31 billion) in housing loans to low-income borrowers in 2013.

Citing partnerships with local-government housing cooperatives, Banque Postale said its expansion would also be backed with around 300 hires from Credit Immobilier over the next two years.

Credit Immobilier, best known as a lender to low-income borrowers that could not get housing loans elsewhere, faces being broken up and wound down after receiving a state lifeline in September. The fate of its 2,500 staff hangs in the balance despite promises by rival banks to do their part in hiring.

Latest Ads

Banking

UAE buyers are securing home loans again

Business Editor's choice