Erste Group sets up real-estate financing division in Czech Republic.

By bne IntelliNews January 25, 2011
Austrias Erste Group, the majority owner of the countrys second largest high-street bank Ceska Sporitelna, has created a new real estate financing and services division Erste Group Immorent, Ceska Sporitelna said on its website. Erste Group Immorent combines real estate lending, leasing, asset management, construction services, and project development with lending and leasing portfolio of more than EUR 13bn (CZK 325bn). In the Czech Republic, the new division Erste Group Immorent CR will combine Ceska Sporitelnas real estate business and the real estate leasing with project development that has so far been provided by Immorent CR. Erste Group Immorent CR will offer lending for projects above EUR 6mn, while loans below this value will be provided by the Ceska Sporitelna Developer Centres. The new division will cover the complex scale of financial and non-financial services in real-estate and infrastructural projects. All other products and services such as accounts, payments, FX and IR trading, payment cards etc. will be henceforth covered by Ceska Sporitelna. The change will have no influence on the number of employees.

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