HONG KONG, July 14, 2014 /PRNewswire/ -- QBE Mortgage Insurance (Asia) Limited
('QBE-MI') today announced that it has entered into a cooperation agreement
with Bank of China (Hong Kong) Limited ('BOCHK') 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
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.
1. Source : Office of the Commissioner of Insurance
Date: 31 Mar 2014
QBE Asia Pacific Operations is part of QBE Insurance Group Limited, one of
the top 20 insurers and reinsurers worldwide. QBE Insurance Group's 2013
results can be found athttp://www.group.qbe.com
Headquartered in Sydney, Australia, QBE operates out of 42 countries and
territories around the globe, with a presence in every key insurance market.
The Asia Pacific division has a presence in 16 markets in Asia and the Pacific
QBE-MI has been providing mortgage insurance services in Hong Kong since
1999. QBE-MI offers home buyers insurance on over 70 per cent of their
mortgages from banks, reducing the loan risks for banks while alleviating the
financial burden on first-time homebuyers. QBE- MI's business partners include
Bank of China (Hong Kong), Standard Chartered Bank, Hang Seng Bank and Fubon
- Hong Kong
- mortgage insurance
- Bank of China