HSBC is lining up several lending products and is planning to introduce mortgage loans during 2016, head of Retail Banking and Wealth Management at HSBC Mustafa Ramzi told Daily News Egypt.
“The intent to cater for this need is there,” Ramzi said. He added that the bank will start offering this product to its premier clients and clients who are relationship-managed.
Further details of client categories to whom the bank plans to offer the mortgage loans are still being considered, the bank executive highlighted.
“We are still in the development stage but we will introduce it this year,” Ramzi said. “We might [offer it in different stages] but it is something that we are evaluating and it something our customers need.”
The bank recently launched car loans, mid-2015, as part of its focus on expanding its personal lending front and introduction new packages for clients depending on the companies they work for and sectors they represent.
HSBC recently conducted a survey for its “Future of Retirement: Healthy new beginnings” report.
The report showed that 75% of the respondents above the age of 45 in Egypt were not comfortable with retiring and 70% of pre-retirees cite a lack of understanding about how much to save for healthcare costs as a main barrier to retirement planning.
“Of that, over one in three (39%) said they wanted to retire as work had a negative impact on their mental and/or physical health, and one in five (20%) said they are tired of the routine. Only a quarter of Egyptians get regular medical check-ups, and less than one-third (32%) are physically active,” Ramzi said.