Wed, Jan 19, 2005 - Page 10 News List

HSBC claims most consumer loans

By Joyce Huang  /  STAFF REPORTER

HSBC yesterday claimed to have outperformed Citibank Taiwan in the local retail assets market after achieving 36 percent growth rate last year.

"After taking up a 38.25 percent market share [among foreign banks], the HSBC has become the largest foreign bank in the total consumer loans market," said Mike Finnegan, senior vice president of personal banking sales.

Finnegan also announced the bank's significant growth in wealth management, as its assets under management grew 25 percent last year while overall consumer-banking customers grew 23 percent.

Stressing the importance of "product diversification," Finnegan said the bank saw positive responses on its personal loan products launched last year.

The bank's mortgage business grew 31 percent while the personal loan business jumped 94 percent.

The HSBC is targeting 60 percent growth in retail assets businesses in the upcoming year, as well as a 50 percent growth in mortgage and 110 percent growth in the personal loan business, according to Eric Chih (遲威宙), the bank's senior vice president of retail assets.

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