Imports financing by HSBC Bank Armenia rose to 20bln drams in nine months

18.10.2013 16:56
Imports financing by HSBC Bank Armenia rose to 20bln drams in nine months

YEREVAN, October 18. /ARKA/. Imports  financing by HSBC Bank Armenia amounted to 20 billion drams in the nine months of 2013, an increase of 31% against the year before, head of the bank’s trade financing Kamo Margaryan told reporters at the 8th trade financing academy Friday.

The achievement was made due to introduction of various trade financing instruments by the bank, including the equipment financing for enterprises launched in April, Margaryan said.

This instrument allowed financing imports of any equipment at an unprecedented rate of 7% per annum, he said. Yet, the bank ensures the minimum operational risks run on the global market, he added.

Margaryan also said more than 40 companies used this instrument in 2013, 35% more than in the year before with the transaction amount averaging 500,000 euros.

HSBC Bank Armenia launched its Trade Financing Academy initiative in 2010 to offer businessmen instruments for financing foreign trade, evaluating risks in the field and helping companies to enter new markets.

HSBC Bank Armenia cjsc was the first international bank to open in Armenia in 1995. The bank is a joint venture between the HSBC Group, which has 70 percent ownership, and Wings Establishment (30%). HSBC Bank Armenia joined NASDAQ OMX Armenia in January 2009. ($1=406.36drams).–0--

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