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ING DIRECT has set its sights on taking market share from the major banks with aggressive plans to grow its mortgage book over the coming year.
According to the bank’s executive director of Mortgages Lisa Claes, ING DIRECTexpects to increase mortgage lending by 20 to 25 per cent this year.
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“The market is crying out for more competition. Nowhere else in the world do four institutions command more than 90 per cent market share. Where it makes sense to take a bit more risk for reward, we will,” Ms Claes told The Australian Financial Review.
Ms Claes said now is the time for non-banks and second tier lenders to come back to the fore, as the majors will soon be forced to hold extra capital in order to meet regulatory requirements in the wake of the global financial crisis.
ING DIRECT is the nation’s fifth largest retail bank with a retail mortgage book over $36 billion and 200,000 borrowers.
