After Belgium, Switzerland, Hungary and Turkey in the last two years, UCB is opening an office in Germany with a branch in Nuremberg, near the Cortal Consors teams. UCB aims to quickly position itself as a European specialist in real estate credit. The project was initiated in spring 2006 in close collaboration with the development team of the International Financial Services and Retail Banking division. The German market, which is always regulated, is difficult: lower margins, strong competition, etc. However, it is one of the largest in Europe and has strong potential for growth in real estate credit. In fact, 57% of Germans rent their homes. In order to quickly penetrate the market, the UCB offering will initially be marketed by brokers.
This intermediary business setup will gradually grow through partnerships with insurance companies, banks, etc.