Barclays Boss Takes Out a HSBC Mortgage
Embarrassment for Barclays as CEO takes out mortgage with rival bank
1st May 2006
Baclays chief executive John Varley has caused embarrassment for his company by taking out a mortgage with the bank's rivals HSBC, only months after expressing his disappointment at his company's mortgage performance in the mortgage market.
A standard mortgage from Barclays is charged at 6.59% compared to 5.75% with the HSBC deal Mr Varley plumped for. It's understood that other Barclays board members have also recently taken out mortgages with rivals including RBS and Lloyds TSB.
A spokesman for the bank said that board members would naturally prefer to take out mortgages from their own company rather than rivals, but that it would legally entail a high level of disclosure about their private financial circumstances, which would be 'intrusive'.
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