HSBC bank Armenia’s intermediary payments from trade financing rise by 26% to 208 million drams

05.10.2011 17:13
HSBC bank Armenia’s intermediary payments from trade financing rise by 26% to 208 million drams

YEREVAN, October 5. / ARKA /. HSBC Bank Armenia’s intermediary payments from trade financing transactions rose by 26% in the third quarter of 2011 from a year earlier to 208 million drams, Aram Pinadzhian, HSBC Bank Armenia head of Commerce and Credit Department said today.

According to him, the growth was mainly due to increased transactions  with letters of credit in international trade (imports/exports) by 33% to 114 million drams, a 16% rise in bank guarantees transactions and a 28% growth in collection.

"It's quite large progress, and it shows the extent of importance  HSBC Bank Armenia attaches to financing  and this is  also appreciated by HSBC Group", said Pinadzhian.

He said  the bank has been organizing for the second successive year training courses for its clients. Last year it held four such courses for  150 customers about the benefits of trade financing.

HSBC Bank Armenia cjsc was the first international bank to open in Armenia in 1996. The bank is a joint venture between the HSBC Group, which has 70 percent ownership, and members of overseas Armenian businesses. The bank offers a wide range of products and services to individual as well as corporate customers, including personal financial services, commercial banking and treasury and capital markets services. Thanks to the HSBC network in 88 countries and territories, the bank is uniquely positioned to provide truly international services for its customers.

According to ARKA’s data, as of June 30, 2011 HSBC Bank Armenia’s assets totaled 155.2 billion drams, liabilities stood at 128 billion drams, the total capital was about 27.2 billion drams, the authorized capital - 10.4 billion,  its outstanding loan portfolio was  90.8 billion drams, and the liabilities before clients - 109.1 billion drams. In the first half the bank earned about 2.8 billion drams in net profits. ($1 - 375.17 drams). -0-


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