HSBC Bank Armenia names five winners of HSBC’s best trade finance awards

08.07.2015 18:58
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YEREVAN, July 8. / ARKA /.HSBC Bank Armenia held a special ceremony today to name winners of HSBC’s Best Trade Finance Awards, presented annually for the sixth year in a row now.

As the benchmark for performance in the trade finance industry, HSBC’s Best Trade Finance Awards have become an indicator of who is leading the market, according to HSBC Bank Armenia cjsc.

Thies Clemenz, HSBC Bank Armenia, Chief Executive Officer, said all five clients of the bank who will bag this year’s awards and walk away with the honors performed impressively throughout 2014 and played an enormous role in developing their sphere of business in the country, by demonstrating growth, international connectivity, outstanding loyalty and introducing innovative technologies.
Aram Pinajyan, HSBC Bank Armenia, Head of Commercial Banking, said trade finance has always been in HSBC’s DNA and Armenia is not an exception.

'Six years ago we adopted a slogan which we follow to date – when and if your business crosses the borders of Armenia, HSBC can help you on both sides,' he said.

1. The five 2014 best trade customers are: Best Trade Customer – International Trade Award: Glass World Company CJSC (Babken Sedrakyan, Chief Executive Officer)

This company reached outstanding achievement in international trade. In 2014, HSBC Armenia has issued the largest LC in its own history for this business, which resulted in doubled production capacity of the business and extended export opportunities. Glass World Company CJSC was founded in 2004 on the basis of ARMCRYSTAL located in Arzni, which has been one of the most powerful glass and crystal manufacturers in the Soviet Union from 1968. Currently, after around US$30 million investment in refurbishment and upgrading of existing equipment, Glass World produces more than forty types of glass bottles and jars and is one of the leading bottle producing companies in the region, with a capacity of 120 million unit output annually.

2. Best Trade Customer – Best Innovative Trade Award: Golds Fitness LLC (Tigran Martirosyan

This company is awarded for promoting healthy lifestyle in the country, meanwhile using trade finance solutions. Golds Fitness LLC was established in 2004, opening its first gym in the country in 2008 on the basis of franchising. Since then, it has become one of the leading fitness centers in Armenia with over 2500 members, offering state of the art exercise equipment and effective fitness programs and cardiovascular equipment, group exercises and personal training, including cycling, pilates, yoga, etc. Gold’s Gym is the largest full service fitness center chain in the world with over 700 locations in 42 states (USA) and 28 countries. It was established in Venice, California in 1965 and has over 3.5 million members worldwide.

3. Best Trade Customer – Best Newcomer Trade Award: MAP CJSC (Makar Petrosyan, Chief Executive Officer)

Best new-to-bank and new-to-trade customer doing business internationally. This business has been selected to be awarded in this category due to their potential for growth. MAP CJSC has its unique role in the development of Armenia’s wine and brandy production. Founded in early 1942, today the factory is equipped with modern wine and brandy making production lines and grape processing machinery. Investments directed to innovation of production technology resulted in year on year 20% increase of factory’s grape and vegetable harvesting capacity and improved quality of raw material production, compatible in larger EU market.

4. Best Trade Customer – CEO's Special Award: Shen Holding CJSC (Sergey Durakhanyan – Chief Accountant)

Cooperation with this business dates back to 2001. It is for their loyalty, extensive usage of HSBC trade services and products, as well as the growth tendency of this business that they have been selected to be recognized in this category. Shen Holding CJSC is a leading local supplier of high quality and environmentally friendly construction materials, also engaged in the production and distribution of construction materials and merchandize. Initially starting with import and distribution of various construction materials, in early 2000s the company managed to set up a local manufacturing of these materials. Total area of company’s commercial premises is 5ha, accommodating manufacturing units, warehouse facilities and administrative offices.

5. Best Trade Customer – Grand Prix: Ucom LLC (Hayk Yesayan, Chief Executive Officer)
1. Best customer in terms of GTRF products (LC) utilization volumes and values
2. Best company in terms of future potential
3. Best company in terms of using HSBC network (Europe, Asia and the USA)

Ucom LLC is Armenia’s top digital telecommunication provider offering unprecedented broadcasting services in the country. Main business partner of Ucom LLC is Ericsson AB. The company’s global coverage of exporting countries includes not only the UK, but also France, Switzerland, Sweden, Czech Republic, USA and Taiwan. In 2014 all 100% of LCs issued on behalf of Ucom LLC were routed through HSBC Group offices as per the supplier’s geographical location. It is expected to increase the volumes for around 160% during 2015.

HSBC Bank Armenia cjsc was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. in 1996 and was renamed HSBC Bank Armenia cjsc in 1999. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and members of overseas Armenian businesses with 30 per cent ownership. HSBC Armenia serves around 36,000 customers through 10 offices located in Yerevan and around 383 employees. The bank has assets of AMD 306,609,112,000 as of 31 December 2014 and is one of the leading banks in the foreign exchange market in Armenia.-0-

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