Monday, September 19 2011 16:19
HSBC Bank Armenia activates consumer crediting
ArmInfo. HSBC Bank Armenia is going to activate the segment of consumer crediting. When replying to ArmInfo correspondent's question, Arman Barseghyan, Head of Retail Banking Services Department of HSBC Bank Armenia, said at today's press conference that the Bank is going to provide consumer loans worth 300-400 thsd USD monthly from September to the end of 2011.
"Over the past few months, the consumer crediting rates have been activated in the Bank, and we are going to raise them", Barseghyan said. He added that today the Bank's portfolio of consumer loans is about $600- 700 thsd. He recalled that the Bank had resumed consumer crediting since December 2010. Barseghyan also said that in the consumer crediting portfolio the major part falls on mortgage loans. "We have activated mortgage crediting and expect its further growth", he said.
When speaking of the financing sources, Chief Executive Officer of HSBC Bank of Armenia Astrid Clifford said that the bank has no problem of shortage AMD resources, which constitute 25% of the deposit portfolio of the Bank. Furthermore, in 2010 the Bank considerably increased its capital due to AMD resources; therefore, there is no deficit of resources for AMD financing today, she said.
According to the Ranking of Commercial Banks of Armenia by the Agency of Rating Marketing Information (ArmInfo),as of 1 July 2011 the assets of HSBC Bank Armenia amounted to 155.2 bln AMD, 67.5% or 105 bln AMD ($284 mln) of them being the credit portfolio, including 5.8 bln AMD consumer loans. By its mortgage portfolio the Bank is in the lead with 14.1 bln AMD (over 13% of the credit portfolio) or 14.4% of the summary mortgage portfolio of the commercial banks of Armenia. By 1 July 2011, the net profit of HSBC Bank Armenia was 2.751 bln AMD (2nd position). To note, the shareholders of HSBC Bank Armenia are HSBC Europe B.V. (70%) and Wings Establishment (30%).
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