June 26, 2018 / 2:27 PM / 22 days ago

France's BPCE to fold Credit Foncier into rest of banking group

PARIS (Reuters) - France’s BPCE banking group, which owns investment bank Natixis and other units like Banque Populaire, said on Tuesday it was going to fold its real estate lending business Credit Foncier in with the rest of its activities.

FILE PHOTO: People enter the BPCE bank headquarters in Paris, France, September 24, 2015. REUTERS/Philippe Wojazer

BPCE had said at the end of 2017 it would look at options to boost profitability at its Credit Foncier subsidiary.

The move to merge Credit Foncier in with the rest of the banking group’s activities and dissolve the unit comes after Laurent Mignon, formerly the head of Natixis, took over as chairman of BPCE in April.

Natixis will take on Credit Foncier’s infrastructure financing activities as part of the move, while Banque Populaire and Caisse d’Epargne will integrate the bulk of its mortgage lending, BPCE said.

Reporting by Inti Landauro, Writing by Sarah White

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