HSBC's home loan pricing strategy grows book
HSBC's September quarter general disclosure statement (GDS) shows its mortgage book grew by $46.1 million to $986 million in the three months after increasing $5 million in the June quarter.
These are the first two quarters of growth HSBC has recorded since mid-2003 when its mortgage book was $3.02 billion, just after it bought AMP's mortgage book.
The AMP mortgage book was later sold to the government's Kiwibank in mid-2007 which reduced HSBC's mortgage book to $1.38 billion at September 2007.
Glenn Tonks, HSBC's private clients manager, says his bank's current strategy is one of "back to the future," reviving its policy of targeting more affluent customers (those earning more than $120,000 a year) who are more likely to travel regularly and can take advantage of HSBC's worldwide presence.
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