Thursday, March 28 2013 18:55

Cooperation of export insurance agency with banks will intensify trade financing: HSBC Bank Armenia's trade financing manager


ArmInfo. Healthy cooperation of the export insurance agency with banks will ensure the stable development of export-oriented companies and will intensify trade financing activities, HSBC Bank Armenia's trade financing manager Artur Petrosyan told ArmInfo during the bank's workshop on Thursday.

He said that export support agencies play a crucial role in a country's foreign trade.

Petrosyan was not able to give specific figures but said that according to HSBC Bank Armenia's analysis, the share of trade financing in Armenia's foreign trade is 3-4%.

"Our workshops are aimed at raising business entities' awareness of the agency and stimulating their cooperation with it as this will help to increase the share of trade financing in the country's foreign trade," Petrosyan said.

As of Nov 1 2012 HSBC Bank Armenia's trade financing made up 25bln AMD (53% more than on Nov 1 2011).

According to ArmInfo's Ranking of Commercial Banks of Armenia, as of Jan 1 2013 HSBC Bank Armenia's assets made up 211.5bln AMD (18.1% more than on Jan 1 2012), loans 132.8bln AMD (16.5% growth). 31.2% of all loans or 39.7bln AMD were given to trade. The bank has over 35,000 individual and 5,000 corporate customers.
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