Important mortgage bank is to shut down

Logo Credit Foncier

One of France’s oldest banks, Crédit Foncier, established in 1852 and an important player in home loans to British and American buyers, is to close.

Last year it made profit of just €33million on net income of €555m and owner Groupe BPCE, which has the high-street banks Caisses d’Epargne and Banques Popul­aires, is likely to redeploy many of the 2,200 staff.

It said existing customers would not see ...

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