Sep 2, 2019

HSBC to lend extra £35bn to UK home buyers

HSBC UK is pressing ahead with its rapid push into British mortgages with plans to lend an extra £35bn to potential homeowners as the bank's chief executive dismissed claims that its expansion was distorting the market. HSBC has traditionally lagged behind competitors in the UK mortgage market but has expanded its share since the introduction of legislation in 2014 that forced British banks to "Ringfence" their UK operations from their international and investment banking divisions. Mr Stuart said that HSBC "Cannot be the problem" given that its market share of 7 per cent is still dwarfed by Lloyds Banking Group on 20.4 per cent, Nationwide on 13 per cent, and Santander UK on 11.2 per cent, according to UK Finance, the trade body for UK banks and financial services companies. In October 2014, the bank started offering mortgages through brokers - the main channel for most borrowers taking out home loans in the UK - in a move that has aided its growth. Mr Stuart became chief executive of HSBC UK in April 2017 and a little over a year later the bank completed the ringfencing of its British operation.

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