Eurohypo expects new business to grow further in 2010, board chairman Frank Pörschke has told PropertyEU. 'I expect we will see a higher single-digit billion euro figure representing new business this year.' At the same time, the German financier foresees the need for further sizeable loan loss provisions in 2010.
Eurohypo expects new business to grow further in 2010, board chairman Frank Pörschke has told PropertyEU. 'I expect we will see a higher single-digit billion euro figure representing new business this year.' At the same time, the German financier foresees the need for further sizeable loan loss provisions in 2010.
In 2009, the financier saw risk provisions rise by EUR 316 mln to EUR 1.17 bn. Pre-tax losses narrowed to EUR 515 mln from EUR 1.4 bn a year earlier. Following plans to realign its core business, the German lender is continuing to reduce its commercial real estate portfolio - especially the non-strategic parts of the portfolio - and public finance.
The medium-term target for its commercial real estate portfolio is approximately EUR 60 bn versus a target of under EUR 100 bn for public finance.
The full interview appears in the April edition of PropertyEU Magazine. Click on the link below to subscribe.
