Tuesday, May 4 2010 14:50

HSBC Bank Armenia and SMEDNC to create Trade Finance Academy

ArmInfo. HSBC Bank Armenia and SME Development National Center (SMEDNC) are expected to launch a new Trade Academy in Armenia, HSBC Bank Armenia CEO Ms. Astrid Clifford announced in a press conference on Tuesday.

The press conference was devoted to the bank's first Trade Award ceremony and announcement of the Best Trade Customer of 2009. Ms. Clifford said that HSBC has already founded such Academies in England, France, Georgia in cooperation with the government sector.

For his part, SMEDNC Executive Director Ishkhan Karapetyan said that the Academy will be open for Armenian businessmen already in the mid June. Local entrepreneurs will get an opportunity to learn trade finance and international experience at the Academy free of charge. The HSBC Bank Armenia Trade Finance Department experts will teach at the Academy.

Vice Chairman of the Armenian Central Bank Vache Gabrielyan , for his part, said that businessmen will get useful experience at the Academy. "The Academy will create new opportunities to improve knowledge of the old and new enterprises, especially the exporter companies," he said. Stuart Nivison Head of Trade and Supply Chain Europe, HSBC, outlined that Armenia unlike many Asian countries actively involved in international trade lacks trade finance technologies.

Afterwards, HSBC Bank Armenia announced the five best trade finance customer who received Trade Award Certificates from Stuart Nivison and a prize of AMD one million to be used towards trade facilities, Awards were granted in the following categories: Best Trade Customer, Best Trade Customer - Documentary Credits, Best Trade Customer - Bank Guarantees, Best Trade Customer - Collections and Best Trade Newcomer. The Trade Awards will be conducted on annual basis and may be expanded in future.

"Across Europe and here in Armenia HSBC is focused on providing advice and support to companies that want to trade and invest internationally. These Trade Awards are an important recognition of success and we hope the winner will help to inspire and motivate others," Stuart Nivison said. "In a country like Armenia it is vital to have a developed infrastructure for trade finance and HSBC, with its 140 years of trade experience, is best positioned to deliver the required financial education to Armenian importers nads exporters," he said.

Ms. Astrif Clifford noted that the bank increased the trade finance portfolio by 40% amid shrinking foreign turnover of Armenia in 2009. The bank expects further upward trends in trade finance considering the improving economic situation in the country, she said adding that the bank will invest $400,000 in development of trade finance technologies.

The portfolio of trade finance services of HSBC Bank Armenia exceeded $10 million as of April 1 2010 growing by 50% versus the same period of 2009 and over 20% since the beginning of the year.

Ranking of Armenian Commercial Banks prepared by Agency of Rating Marketing Information (ArmInfo) ranked HSBC Bank Armenia the 2nd in the banking system of Armenia by credit portfolio (83 bln drams, a 3.8% growth since the beginning of 2010, and an 8.9% growth versus Q1 2009) as of April 1 2010. Lending to SME totaled 52.2% of the credit portfolio or nearly 43.1 billion drams. HSBC Europe B.V. holds 70% in the bank and Wings Establishment - 30%.

SMEDNC was founded in 2002. It is the first national structure rendering state assistance to SME in Armenia.

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HSBC Bank Armenia and SMEDNC to create Trade Finance Academy