Thursday, March 28 2013 16:56
HSBC Bank Armenia: Forwards in Chinese currency to reach huge sizes in future
Arminfo. The forwards in Chinese currency will reach huge share in foreign trade turnover in future. As the leader of the trade financing department of "HSBC Bank Armenia" Artur Petrosyan told Arminfo correspondent at the seminar of the Academy for Trade Financing, organized by the bank, one can already notice the interest of our businessmen to this product.
"This instrument does not yet have a wide clientele. However several our customers have already made successful bargains using this instrument. As major part of Armenian businessmen have been working just with Chinese businessmen, HSBC Group has focused its efforts on development of this product in Armenia", - Petrosyan said and added that forwards in the Chinese currency give a unique opportunity to escape foreign currency risk, thank to which the invoice cost of the imported goods will also reduce.
As of 1 January 2013, the assets of "HSBC Bank Armenia" amounted to $524 mln. The total credit portfolio of the bank amounted to 132.8 bln drams, by 16,5% more versus 1 January 2012. The client base of the bank consists of more then 35 thsd individual persons and 5 thsd legal persons. The shareholders of CJSC "HSBC Bank Armenia" are HSBC Europe B.V. with a share 70% and Wings Establishment with a share 30%.
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