Mortgages and Bank of China Thursday, 1st October 2009

Bank of China is a relatively unknown bank providing low-rate mortgages at a time when many local lenders are hoarding cash, and shutting their doors to home-buyers eager to enter the property market.

In contrast to many Western banks that have relied for their funding on international money markets that have dried up in the credit crunch, Bank of China, like other Chinese banks, has access to an enviably large deposit pool for lending purposes.And it sees a great opportunity to grow its retail banking business in the UK.

They are receiving hundreds of calls every day and so the decision to promote its UK mortgage service through local brokers for the first time has proved a successful one.

And by making itself better known locally, Bank of China UK aims to enlarge its customer circle beyond the Chinese community.

The bank has recognised the need to recruit experienced UK employees, particularly for its risk management and loan origination teams. Throughout this period, BOC UK has been increasing its staff while other banks in the UK have been cutting back.