DESPITE the sluggish property market, ABN-Amro Bank, the first bank in Hong Kong to price mortgage rates below 10 per cent, says it has recorded the highest mortgage lending growth in town, of 40 per cent since last July.
General manager Sergio Rial said being lean and cost-effective was a sure recipe to grab market share in the residential mortgage market.
Traditionally a trade finance bank with strong capability in investment banking, ABN-Amro caught much of the spotlight last year when it broke ranks with the banking sector and offered flat buyers the lowest mortgage rate.
It was also the first European bank in Hong Kong to dip its feet in the property sector.
'We are by far the cheapest, charging 9.75 per cent for the first year,' Mr Rial said.
The low interest charge was made possible by the bank's lean structure, compared to other big mortgage lenders.