Friday, October 7 2011 16:08

HSBC Bank Armenia to refinance part of mortgage loans of First Mortgage Company


ArmInfo. HSBC Bank Armenia cjsc has signed a Memorandum on Cooperation with First Mortgage Company UCO LLC on refinancing an existing pool of FMC's Mortgage Loans.

Borrowing customers of First Mortgage Company, whose loans are included in the refinanced pool, will be individually notified in advance. No significant changes will apply to First Mortgage Company's borrowing customers as a result of the deal, since according to the Memorandum the annual percentage rates (USD and AMD) of the refinanced mortgage loans will remain unchanged. "We highly value the strategic partnership with such a reputable international financial organization as HSBC. We believe this could become an alternative funding source, that could further improve our company financial performance", - First Mortgage Company Chief Executive Officer David Atanessian mentioned.

"In addition to the credit products offered by HSBC, we are ready to consider refinancing First Mortgage Company loans if the applications are in line with the respective guidelines established by the Bank", - HSBC Bank Armenia Chief Executive Officer Astrid Clifford said.

In 2010 the amount of gross loans provided to HSBC Bank Armenia customers increased by 31% and totaled AMD 86 billion. In 2011 the Bank plans to record significant growth of all main indicators, including commercial and retail lending.

Gross customer loans increased by 6 % to AMD91 billion as at 30 June 2011, with the corporate loan portfolio being AMD69 billion.

According to the Ranking of commercial banks prepared by Arminfo, by the size of mortgage portfolio as of 1 July 2011, 14.1 bln drams, HSBC Bank Armenia occupied the leading position in the banking system of the country. The credit portfolio of the bank at the end of the first half of 2011 amounted to 4.3 bln drams.
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