HSBC Bank Armenia cjsc resumes mortgage lending in AMD to individuals

The restart of AMD lending was mainly driven by the availability of funding from National Mortgage Fund, strict conditions of the agreement allowing lending at minimum risk for the bank, as well as the improving tendency of economic conditions and demand for mortgage loans in the market.

HSBC Bank Armenia is now also actively seeking to provide credit card lending to personal customers requiring convenient access to funds on a flexible and fluctuating basis. HSBC credit cards are widely accepted locally as well as in overseas countries. Ranking of Armenian Commercial Banks prepared by the Agency of Rating Marketing Information (ArmInfo) ranked HSBC Bank Armenia the second out of 22 Armenian banks by credit portfolio as of Oct 1 2009 (86.1 billion drams). Over the 9 months of 2009 the bank's retained profit totaled 1.014 billion drams (4th position). The shareholders of the banks are HSBC Europe B.V. (70%) and Wings Establisment (30%).