PostFinance and Valiant expand mortgage portfolio
Swiss Post’s financial body PostFinance has announced that Valiant will become its partner for mortgage products for private customers. A year ago, PostFinance and Valiant announced their cooperation in the lending business.
The first SME products were launched in November 2009, and more products followed during 2010. This product cooperation is now to be expanded further, as Valiant will also become PostFinance’s partner for mortgage products for private customers.
PostFinance has been granting mortgages for private customers since 2003. As it is not authorised to do so in its own name, however, it works together with the Münchner Hypothekenbank. In addition to SME business, Valiant will also become a partner for mortgage business for PostFinance’s private customers. PostFinance has been working for various products with several different partners for years.
The companies will continue to process loans on separate IT platforms. These will initially not be merged. The reason for this is the ongoing migration of IT systems. The costs involved in merging the IT systems exceed the savings in terms of operating costs. The staff in the loan processing departments will continue to be employed by PostFinance or Valiant.
The cooperation between PostFinance and Valiant has already proven to be successful. In the lending business, both partners operate exclusively in the Swiss market, are growth-oriented and have similar cultures. The extended cooperation of the two parties has great benefits for private customers and SMEs.
