The Warsaw Voice » Business » News - October 8, 2013
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BRE Bank seeks to double sales
   
BRE Bank will direct 30% of its retail mortgage sales through a mortgage subsidiary devoted to-date to commercial real estate in an attempt to double sales as it funds retail mortgages with mortgage-backed bonds, the bank said in a press statement.

The first issuance of retail mortgage-backed loans is expected by year-end, the bank said.

"We have strong conditions and sufficient experience to successfully implement a new financing tool," BRE Bank's VP and retail banking chief Cezary Kocik was quoted saying, citing PLN 80 million in monthly sales in Q2 and an NPL ratio at 1.9%.

BRE Bank, which conducts its retail business under the mBank and Multibank brands, owns one of only two mortgage banks in Poland licensed to fund itself via mortgage backed securities. Commercial banks keep mortgages on their own books and have no easy legal means of securitizing the exposure.