Friday, October 18 2013 19:26

HSBC Bank Armenia to issue trade finance instruments worth AMD 4bln by late 2013


ArmInfo. HSBC Bank Armenia is going to issue trade finance instruments worth AMD 4bln by late 2013, Kamo Margaryan, Global Trade and Receivables Finance Sales Manager at HSBC Bank Armenia CJSC, said at a seminar on October 18.

He said that over Jan-Sept 2013 the Bank ensured 31% growth in trade financing as compared with Jan- Sept 2012. Over the same period, the Bank issued trade finance instruments worth AMD 20bln. Over 40 customers made use of the service and the average transaction amount was EUR 500,000.

For his part, Aram Pinajyan, Head of Commercial Banking at HSBC Bank Armenia, said that the Bank's trade finance instruments allow Armenian businesses to reduce spending by 30-50%. The instruments also minimize the risks related to international trade. Pinajyan added that in April 2013 the Bank launched a trade financing campaign at 7% p.a. The campaign has increased trade financing by AMD 6.9bln, he said.

To note, the shareholders of the Bank are HSBC Europe B.V. (70%) and Wings Establishment (30%).
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