PARIS: The French government said on Saturday it had agreed to rescue troubled mortgage lender Credit Immobilider de France after an attempt to find a buyer for the company failed.
"To allow the CIF group to respect its overall commitments, the state decided to respond favourably to its request to grant it a guarantee," Finance Minister Pierre Moscovici said in a statement.
The guarantee to the lender, which faced the expiration of a 1.75 billion euro ($2.21 billion) covered bond in early October, is subject to approval by the European Commission, Moscovici said.
The government said it had named Bernard Sevez to replace the company's existing chief executive.
Comments
Comments are closed.