Postfinance finally wants to be a real bank – with lending. It is now becoming apparent that it has actually already carried out the interest business on the assets side.
There were so-called “payment transaction limits”. Smaller companies, municipalities and also private investors could overdraw their accounts up to a certain amount.
Not anymore. By the end of August, all customers have to be in the plus, i.e. repay their de facto loans.
In the course of the realignment, a lot is being put to the test, according to a Postfinance spokesman. “The current credit ban had to be taken into account, which limits our offer.”
The quasi-credits on the accounts are “not sustainable without a full credit offer from a business point of view,” said the spokesman.
“For this reason we are unfortunately forced to cancel the payment limit on August 31, 2021.”
The state bank refers customers who are in the red and want to continue working with foreign money, on the lend platform, a new online loan exchange.
“The public corporation customers concerned have the option of borrower’s note loans,” said Postfinance.
The termination would be for the beginning of August, with an appointment at the end of August. “In cases of hardship, PostFinance is ready to agree an individual payment plan with customers.”
“However, this can last a maximum of three years and the installments are to be paid monthly.”
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The dismissal of the de facto credit customers is evidence of a colossal failure of Postfinance and those responsible.
After the great financial crisis of 2008, they lured tons of customers with great interest rates.
The financial princes of Bern did not invest the large amount of money on the balance sheet in stocks or other securities with a good chance of success, but in bankruptcy bonds.
When the negative interest rate came at the beginning of 2015, the Post stood there with their trousers cut off. Their active investments brought less and less. Today those who lend money to the federal government have to pay.
On the liabilities side, Postfinance continued to pay interest to the private customers poached by the other banks. That couldn’t work.
Now the Yellow Giant’s bench is in front of a pile of broken glass. Last resort: full privatization.
But for that Postfinance has to open the books. If it turns out that it has de facto circumvented the credit ban, even without proper risk management, then the value drops.
So get away with it quickly. Postfinance appeared out of nowhere as a major lender with the Covid 19 emergency loan a year ago. At that time, she pushed SMEs into Covid loans to replace older loans.
It seems that Postfinance has operated the lending business for years without having been properly legitimized and without the necessary resources.
Now she wants to throw herself on the chest of a buyer. It’s about pants down. The loan customers pay the price.
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