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HSBC to invest in mortgages with an eye to doubling UK business

  • 11/11/2019
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HSBC to invest in mortgages with an eye to doubling UK business
HSBC UK has unveiled its strategy to place mortgages at the front and centre as it seeks to double in size to £13bn in annual revenue.


Ian Stuart, HSBC chief executive (pictured), revealed his plans saying that, at seven per cent of the UK mortgage market, the bank was “nowhere near what it could be,” in an interview with the Mail on Sunday.

The growth strategy would include lowering rates for “carefully targeted groups,” he said. Specific details of the new deals will be announced next year but Stuart promised not to abandon existing customers in a rush to attract new ones.


List of priorities

Mortgages were picked out as the number one priority for investment, followed by corporate clients, digital services and face-to-face and telephone banking.

The bank has already introduced technology aiming to sign up mortgage customers in seven days rather than its earlier average of 49 days.

Stuart promised more announcements on digital banking during 2020.

Stuart joined HSBC in 2014 as head of UK commercial banking, then began leading European operations before becoming UK chief executive in April 2017.

He joined after seven years at Barclays and before that spent 22 years at NatWest.

The strategy reveal for 2020 has come after HSBC relocated 1,500 retail and commercial employees to a new head office in Centenary Square, Birmingham, during the past 12 months.


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