HSBC Bank Armenia, EBRD to co-finance large business

28.10.2009 21:16
HSBC Bank Armenia, EBRD to co-finance large business

YEREVAN, October 28. /ARKA/. European Bank for Reconstruction and Development (EBRD) and HSBC Bank Armenia cjsc signed a co-financing agreement on Wednesday.

“The USD 10 million co-financing agreement will allow HSBC Armenia to support large corporate borrowers with their business expansion, which is currently restricted by the "Single Borrower Normative Ratio" stipulated by the Central Bank of Armenia”, the press office of HSBC Bank Armenia reports.

According to the agreement, EBRD will participate up to 50% in loans and advances provided to commercial banking clients engaged in various sectors of economy for financing large loans.

”The deal highlights the growing partnership between EBRD and HSBC in identifying growing business opportunities and deepening relationships with established, well performing clients as well as improving the Bank's competitive advantage in the market”, the press release says.

According to the source, HSBC Bank Armenia cjsc has a well commercial lending portfolio of USD 103 million and has registered strong results for the last 9 months of 2009. HSBC Commercial Banking operates in 64 countries worldwide and comprises a core part of its business.

HSBC Bank Armenia, subsidiary of HSBC Bank Plc, was registered on September 25, 1995.

HSBC Bank plc holds 70% of HSBC Bank Armenia shares. The remaining 30% belong to overseas Armenian investors.

In January 2009, HSBC Bank Armenia became a member of NASDAQ OMX Armenia.

The bank’s assets reached AMD 138.6 billion, liabilities AMD 122.1 billion and total capital AMD 16.5 billion by late September 2009.

Its authorized capital amounted to AMD 7.6 billion, credit investments totaled 66.7 billion, liabilities to clients AMD 107.6 billion and net profits for Jan-Sept AMD 1 billion. The bank has seven branches in Yerevan. ($1= AMD 385.08).  –0-

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