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Mortgage market boom: Moneypark is the number one among Swiss mortgage brokers. This refers to providers that offer financing options from various banks. The mortgage volume brokered by Moneypark is over 3 billion Swiss Francs per year. Moneypark will now be integrated into the insurance company Helvetia, as announced on Tuesday.
What does this mean for Moneypark employees? So what about mortgages? Blick answers the most important questions.
one
Will Moneypark exist in the future?
“Yes, the well-established Moneypark brand will continue to exist,” Helvetia spokesperson Jonas Grossniklaus told Blick. Mortgage and real estate consultancy and brokerage services will continue to be provided under the Moneypark brand. Specifically, the two end customer platforms Helvetia Immoworld and Moneypark will be merged.
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Will Moneypark branches remain?
Some of the Moneypark branches may disappear in the near future. According to Helvetia, of the 19 Moneypark branches across Switzerland, only the flagship stores in Zurich, Lausanne and Geneva will remain. There will also be in-store shops at Helvetia’s general agencies.
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What will happen to Moneypark’s existing mortgages?
Moneypark only acts as an intermediary and does not issue its own mortgages. Nothing has changed for customers. Mortgages brokered by Moneypark remain with the relevant financing partner. “Refinancing of mortgages obtained through Moneypark will continue to be possible in the future,” Grossniklaus assures.
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Why does Helvetia want to swallow Moneypark?
According to Helvetia, the purpose of the merger is to make better use of the existing potential. So it’s about cost savings. The insurer hopes to achieve cost synergies between CHF 6 and 8 million from 2024. However, as a result of the merger, Helvetia will also need to make a value adjustment of around CHF 27 million. Moneypark was a relatively expensive investment for Helvetia. Eastern Swiss insurance company Helvetia paid 107 million francs in 2016 for 70 percent of Moneypark under the then-president Pierin Vincenz (67); In 2022, the remaining shares were acquired by TX Group.
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Will Moneypark’s comparison service continue?
Moneypark’s offers, including the mortgage comparison option, will remain in effect. According to Helvetia, they want to expand this further in the future. With the annual volume of mortgages currently over 3 billion francs, it will increase “significantly” over the next five years. The question remains how independent Moneypark’s comparisons will be. “With the merger, the independence of the comparison service is lost,” says Adrian Wenger (51), mortgage specialist at VZ Vermögenszentrum.
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What will happen to Moneypark employees?
In the integration process, there will be a reduction of 25 to 30 jobs in support functions. According to Helvetia, some of the employees will stay at Moneypark. In the future, these will further develop the Moneypark platform and the Moneypark partner network in particular. Another part of the employees (mostly sales people) are moving to Helvetia.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
