Thursday, December 6 2012 16:06
HSBC Bank Armenia: Entrepreneurs' poor awareness is the key problem for trade finance development
ArmInfo. The poor awareness of entrepreneurs is the key problem for trade finance development, Aram Pinajyan, Head of Commercial Banking at HSBC Bank Armenia, said at a press conference on Thursday.
"First and foremost, it is certainly necessary to enhance the entrepreneurs' awareness of trade financing, and then to qualitatively raise the level of their business thinking. In this context, we regularly hold seminars on enhancement of awareness of the trade financing tools. I think export credit agencies will gradually appear with the increase of exportable production in Armenia, but it is early to speak about it", said Pinajyan.
According to the Ranking of Armenian Banks by the Agency of Rating Marketing Information (ArmInfo), as of 1 Oct 2012, the total loan book of HSBC Bank Armenia amounted to 142.3 bln AMD (27.3% y-o-y growth). The loans provided to economy totaled 111 bln AMD (2nd position in the market, 32.5% y-o-y growth). The share of trade in the loan book made up 42.2 bln AMD, or 32.3% (31.2% y-o-y growth).
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