YEREVAN, September 19. /ARKA/. HSBC Bank Armenia said today it is providing trade financing for the purchase of new equipment at a historically low rate of 4%. It said in a press release that beginning from September 2017 it has been providing financing to local businesses for the acquisition of new equipment at an interest rate of 4 percent that corresponds to international standards.

The press release says that introduction of new equipment allows local companies to strengthen their positions in the international market and be competitive in line with changing conditions. It explained that the trade financing is provided for the installment of medical, hothouse, construction, agricultural, production and other equipment.

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 30,000 customers through nine offices located in Yerevan and around 420 employees. The bank has assets of AMD 215 billion as of 30 June 2017.