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HSBC to hike UK mortgage fund by 20 pct - WSJ

Mon Dec 8, 2008 2:32am EST

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Dec 8 (Reuters) - HSBC Holdings (HSBA.L) said it plans to increase the amount of funding it makes available for UK mortgages by 20 percent to 15 billion pounds ($22.07 billion) in 2009, the Wall Street Journal reported.

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The bank hopes the move will increase its share of the UK mortgage market to 5 percent from 4 percent, an HSBC spokesman told the paper.

Many UK banks have reined in lending to homeowners amid the economic downturn and a sharp decline in property prices.

HSBC, which is Europe's biggest bank, will not relax its lending standards, the paper said.

The company could not be immediately reached for comment.

($1=.6796 pounds) (Reporting by Pratish Narayanan in Bangalore)

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