French La Poste aims for 9 percent of home mortgage market within 10 yrs

Jean-Paul Bailly, chairman of France’s state-owned postal operator La Poste, said he aims to have 9 percent of the country’s home mortgage market within 10 years, following government deregulation of the sector.

‘We have 4 percent of this market today,’ Bailly said.

‘We are aiming, by 10 years from now, for a share that corresponds with our share of the retail banking market in France, which is to say about 9 percent,’ he added.

French Parliament have approved laws that allow La Poste to offer home mortgages and other products to clients who do not already have current accounts.

In exchange, La Poste has given up part of its monopoly on mail services, which now only applies to mail below 50 grammes or costing 2.5 times the basic stamp price. Previously, La Poste had a monopoly on mail below 100 grammes, or costing 3 times a basic stamp.