HSBC Bank Armenia intends to become leading trade financing bank in Armenia

08.07.2015 19:08
HSBC Bank Armenia intends to become leading trade financing bank in Armenia

YEREVAN, July 8. / ARKA /. HSBC Bank Armenia intends to become a leading trade financing bank in Armenia, Aram Pinajyan, HSBC Bank Armenia head of Commercial Banking said today during HSBC Trade Awards 2014 ceremony which the bank uses to award its best trade finance customers.

"Today, most of trade in Armenia, approximately 85% is carried out without use of trade finance tools. We use this type of events to try to raise awareness of businessmen about them and encourage them to use trade finance tools,' he said.

HSBC Bank Armenia trade finance services in 2014 rose by 35% to 31.8 billion drams, while revenues from trade finance grew by 51%. The bank's effective interest rate on trade finance does not exceed 7%.

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 is one of the leading banks in the foreign exchange market in Armenia.

As of June 1, 2015 the bank's assets stood at 286 billion drams, its total capital was worth 47.8 billion drams and credit investments were worth 175.5 billion drams. ($1-474.39 drams). -0-

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