HSBC plans to up mortgage lending by £35bn

Ryan Fowler

September 3, 2019

HSBC plans to push its mortgage lending up by an extra £35bn, according to HSBC UK’s chief executive Ian Stuart. 

In an interview with the Financial Times Stuart added that the bank planned to increase its mortgage market share from roughly 7% to 11%.

UK Finance figures show that high street rival Lloyds Banking Group currently holds a 20% share with Nationwide standing at 13% and Santander UK at just over 11%.

“I think our natural share’s about 11%, but I don’t look out too far. We’re about £100bn today, so getting up to £135bn… seems sensible to me,” Stuart told the FT.

The bank declined to give a time-frame to the FT for achieving the goal, arguing that it was dependent on how quickly the overall market grows.

Last month saw HSBC chief executive John Flint step down after nearly 30 years with the bank but less than 18 months at its head.

The bank said in a statement that  Flint had resigned from the role “by mutual agreement with the board”.

And Noel Quinn has taken over as interim chief executive until a successor is appointed.

Flint’s departure came as HSBC announced its first-half results for 2019, which showed a rise in pre-tax profit of 15.8% to £10.2bn. Its profit after tax was up 18.1% to £8.13bn.

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