HSBC Bank Australia will retain the majority of its Australian residential mortgage portfolio – a loan book totaling A$4.5 billion. The finance company will stop accepting residential mortgage applications from brokers from February 16, 2007.
Stuart Davis, CEO of HSBC Bank Australia, said: After a strategic review of our local operations earlier this year, we have now disposed of non-core businesses and assets, and are focused on investing in areas where we have a comparative advantage. That advantage is HSBC’s global network and the scale and insight it provides, both in retail and corporate banking.
FirstMac, a leading residential mortgage provider, is well placed to support the broker relationships that we have developed in recent years. We are confident it will provide our brokered loan customers with the quality of products and support they are accustomed to, he added.
