Pbb lines up head for international lending team

Deutsche Pfandbriefbank (pbb) expects to appoint a director soon to head an international real estate unit it is setting up.

The London-based role may be filled internally. The new director will take charge of lending in France, Scandinavia and Spain, reporting to Charles Balch, who took over from Harin Thaker as head of international business in March and focuses on London and central Europe.

Last year, pbb lent €6.3bn on property and aims to maintain that level of business this year. The bank is due to be privatised in 2015 and needs a strong and profitable track record.

However, it has started the year slowly, making €700m  of new loans in Q1, of which €200m were extensions and €500m new business. Balch said Germany had had a slow start in Q1 2012 but had picked up since. The bank recently closed a large French financing for MGPA.