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French government steps in to aid ailing CIF bank

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French government steps in to aid ailing CIF bank

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The French government has come to aid of the ailing CIF bank.

The bank failed to find a buyer after being up for sale since May.

The state decided to step in after credit-ratings agency Moody’s downgraded the lender.

CIF, which specialises in loans to the less affluent, hit the skids when cheap funding from the credit markets ended.

It is unsure whether the search for a buyer will continue, but French media report that a winding down of the bank appears to be the way forward.

The French government must now wait on EU approval to complete the bail out.