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HSBC Sells Broker Originated Residential Mortgage Book In Australia To FirstMac
Hamilton, Bermuda: December 15 2006 -- HSBC Bank Australia has entered into an agreement to sell its broker originated residential mortgage book to FirstMac. The portfolio consists of over 10,000 customer accounts with a total book value of A$2.26 billion (approximately US$1.75 billion) at 22 November 2006.
HSBC retains the majority of its Australian residential mortgage portfolio - a loan book of A$4.5 billion, representing HSBC's direct customer relationships. HSBC Bank Australia will not be accepting residential mortgage applications from brokers beyond 16 February 2007.
Stuart Davis, chief executive officer 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.
"To deliver the best value to our customers here, we need to invest in business areas where our natural strengths lie. While distributing through brokers has given our portfolio scale, it precludes two of our greatest strengths - our service proposition and the ability to cross-sell our products.
"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."