Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Intermediaries
Brokerage
Return to: IBR Home | Intermediaries | Brokerage

QBE partners with BOCHK to deliver mortgage insurance service

IBR Staff Writer Published 15 July 2014

QBE Mortgage Insurance (Asia) has entered into a cooperation agreement with Bank of China (Hong Kong) to provide mortgage insurance products to the customers of BOCHK through its extensive branch network.

KY Poon, Managing Director of QBE Mortgage Insurance (Asia) Limited and Colet Ng, Assistant General Manager and Head of Secured and Retail Lending Business, Personal Banking & Product Management, Bank of China (Hong Kong) Limited. QBE-MI is the second largest mortgage insurer with a solid market share of 30% (Note 1) in Hong Kong, while BOCHK is a leading listed commercial banking group in Hong Kong.

By combining the strengths of both strong franchises, the partnership underscores QBE's bancassurance strategy of bringing best -in-class solutions to customers via BOCHK's most extensive branch network in Hong Kong. It also helps diversify the range of mortgage insurance services of BOCHK for its customers. Mr KY Poon, Managing Director of QBE-MI commented, "QBE-MI offers mortgage insurance for loans of more than 70% LTV to borrowers, helping them alleviate financial burdens of the down payment and allowing more people to realise their dreams of home ownership earlier.

The partnership will further develop our business to directly offer home buyers comprehensive mortgage insurance products and services. The mutually cooperative relationship also helps our partnering banks transfer credit risks, acquire new customers, and expand the clientele and business."

Mr Poon continued, ''The current real estate market in Hong Kong is dominated by user- buyers with a significant need for mortgage insurance services that would help solve their housing needs, especially for buyers who struggle with the down payment. Being a leading mortgage insurer, we address the local market needs by offering borrowers tailor-made mortgage insurance products and services in collaboration with various leading banks, alleviating the financial burden on first-time home buyers by offering them flexible options at low risks and costs that fulfil different customer needs."

Ms Colet Ng, Assistant General Manager and Head of Secured and Retail Lending Business, Personal Banking & Product Management, BOCHK, said, "We strive to provide diversified mortgage plans to meet the different needs of customers. We are pleased to collaborate with QBE-MI in offering more mortgage insurance options for our customers, helping them to reduce their financial burden and plan for their future. This partnership will not only enhance our competitiveness, but also expand our mortgage insurance business and further strengthen our leading position in the mortgage market." QBE- MI has been providing mortgage insurance for over 14 years and has a deep knowledge of the Hong Kong market. QBE-MI is a wholly-owned subsidiary of QBE Lender's Mortgage Insurance Limited ("QBE LMI").

QBE LMI is a leading mortgage insurer with over 46 years of experience in the Australian market. QBE-MI's mortgage insurance services cover both primary and secondary property markets, as well as cash refinancing. Applicable properties include village houses, flats under Home Ownership Scheme and estates over 40 years old, and the application procedure is simple and convenient. The predominant customers include first-time home buyers, young married couples, and people in need of mortgage refinancing or cash-out refinancing.



Source: Company Press Release