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Bank Of China To 'cherry-pick' Uk Mortgage Customers

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Bank of China to 'cherry-pick' UK mortgage customers as lending drought persists

Bank of China, the country's third biggest bank, plans to 'cherry-pick' UK mortgage customers as the lending drought in Britain remains.

In an interview with Bloomberg, Xixu Sun, the head of Bank of China's retail operations in the UK, said "before the financial crisis you didn’t have a choice, you couldn’t cherry-pick the good customers.

“Now you have that choice, because there’s a drought in terms of mortgage loans provided by banks.â€

Bank of China is looking to become a major household name in Britain's mortgage market, which has seen lending slump as the recession drives up bad loans at many banks. Although house prices have showed signs of stabilisng in recent weeks, the volume of mortgages approved is still less than half the 108,000 monthly average seen between the boom years of 2003 and 2007.

While Bank of China has offered mortgages to British homebuyers since the late 1990s, the bank is now looking for customers beyond the ethnic Chinese community, Mr Sun told Bloomberg. Four mortgage distributors and 15,000 brokers will sell the mortgage products.

Mr Sun also said that the bank, which has five branches in Britain and employs 250 people, has seen deposits in the UK rise 40pc in the past 12 months.

“We can sense the growing confidence in us since the crisis started,†he told Bloomberg. “Some clients just closed their accounts in other banks and brought their deposits to us.â€

Well, there you have it.

Watch the last real wealth in Britain flee eastward. Globalisation 1, Sovereignty Nil.

It always was the enevitable outcome to have the Chinese take over the position of top dog.

Funny, or sad thing, depending on your personal perspective, is that our government can do NOTHING about this.

Heck, at least in China, they execute the crooks. Our rotten lords and bankers get a pat on the bottom and a bonus.

Meh.

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