HSBC aims to grow share of the mortgage market

Michael Lloyd

November 11, 2019

HSBC aims to make the mortgage market its primary growth area, its chief executive Ian Stuart revealed in an interview with The Mail on Sunday.

Stuart said chairman Mark Tucker wants the company to double in size in the UK which would mean increasing revenues to £13bn a year and bringing in millions of new customers.

The bank wants to grow its mortgage book, with Stuart saying its 7% market share is nowhere near what the lender could achieve.

He told The Mail on Sunday:  “I wouldn’t be here unless it was a growth strategy.”

Stuart said instead of cutting rates across the board, HSBC will carefully target specific groups of customers.

A spokesperson said that the bank has increased its number of broker partners from 100 in June to 142 now, which shows the speed at which it is adding broker firms.

Another growth area for the bank is reportedly digital services.

HSBC has launched technology to register mortgage customers in just seven days, as opposed to the previous 49 days it used to take.

Stuart was proud of this feat and vowed that more digital announcements will be made next year.

Stuart added that HSBC will not close branches to fund new digital services.

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