(9 August 2010−Australia) HSBC has confirmed that, despite intentions to expand its lending book, it will not reconsider using third party brokers.A spokesperson for the group has said that the bank currently does not distribute mortgages through brokers and neither does the bank intend to change this strategy.
The bank told the Australian Broker that its business model is relationship-based.
HSBC is focused on cultivating ‘main bank’ relationships in which its clients hold multiple products with us, and we think this is best done directly, the spokesperson added.
Last week the bank’s chief executive Paulo Maia said that the group would look to increase its small share of the local mortgage market by growing its business in the ‘mass affluent’ market, or those earning more than A$88,000 a year.