Millennium's bid to become third largest mortgage bank

Millennium Bank has headhunted specialists from GE Mortgage Bank to help it to take over third place on the mortgage market from GE. From June 1, six ex-GE Mortgage executives will revolutionize Millenium's property loans offer with the goal of securing a 20% share of the market by the end of 2005 and thus making it the third biggest mortgage lender after banks PKO BP and BPH. To reach this goal, Millennium wants to expand its sale with the help of 200 more mortgage advisers and through loan-intermediaries. The offer will also be accessible on the Internet and on the most popular webpages. Among other novelties the bank offers are a 35 year loan repayment schedule, credits with only 5% of own contribution, unemployment insurance and a project on combining a mortgage loan with savings in investment funds. (Puls Biznesu p. 1, 9) M.G.