HSBC Bank Armenia does not plan to revise interest rates on deposits

05.03.2012 21:22
HSBC Bank Armenia does not plan to revise interest rates on deposits

YEREVAN, March 5. /ARKA/. At present, HSBC Bank Armenia does not plan to revise interest rates on deposits, said on Monday Chief Finance Director of HSBC Bank Armenia Gevorg Tarumyan.

He said that possible changes in future will depend on the market and the process of implementation of banking programs.

“If we run all our programs, we may revise interest rates on deposits”, he said.

He said that significant increase of rates is not expected, as the Bank aims at the attraction of depositors “who want to develop together with us”.

CEO of HSBC Bank Armenia Astrid Clifford said that taking into account competition in the banking market through lower interest rates on loans have definitely reconsidered its position on this issue.

“Today we provide mortgage loans to some of our clients by 9%-11% annually, car loans – by 13-14% which is by 2-3% lower than our traditional rates”, she said.

According to the data of CBA, average interest rate on the loans provided in drams in January 2012 was 17.6% increased by 0.7 p.p. compared to the indicator of January 2011. Average rate on the loans provided in foreign currency in January was 13.6% reduced by 1.2 p.p. compared to January 2011.

Average interest rate on deposits in January in Armenia reduced by 0.4 p.p. making  8.4%. Average interest rate of dram deposits was in January 10.15%, and foreign deposits – 5.45%, registering decline in average by 0.65 p.p.

HSBC Bank Armenia cjsc is the member of the group of “HSBC Bank plc” opened in 1996 in Armenia. It is the first international bank in the country. 70% of the shares of HSBC Bank Armenia belongs to the Group HSBC and the remaining 30% - to the Armenian investors from Diaspora. The Bank offers different services to the clients – individuals and legal entities, including individual credit services, trade-credit services, as well as operations in the financial market. –0--


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