HSBC Armenia Awards Its Trade Finance Best Customers - Glass World Company, Gold s Fitness, MAP, "Shen Holding" and Ucom

HSBC Armenia has awarded its trade finance best customers - Glass World Company, Gold's Fitness, MAP, "Shen Holding" and Ucom. The distribution of awards took place in the headquarters of the bank on July 8.

Glass World Company CJSC has been has received the "International Trade Award". Glass World Company CJSC was founded in 2004 on the basis of ARMCRYSTAL located in Arzni, which has been one of the most powerful glass and crystal manufacturers in the Soviet Union from 1968. Golds Fitness LLC - Best Innovative Trade Award. This company is awarded for promoting healthy lifestyle in the country, meanwhile using trade finance solutions. MAP CJSC - Best Newcomer Trade Award.  MAP CJSC has its unique role in the development of Armenia's wine and brandy production. Shen Holding CJSC - CEO's Special Award and Ucom LLC received the Grand Prix.

Chief Executive Officer of HSBC Bank Armenia said during a press conference that HSBC Trade Awards are presented annually, for the sixth year in a row, here, at our Yerevan Head Office premises. As the benchmark for performance in the trade finance industry, HSBC's Best Trade Finance Awards have become an indicator of who is leading the market, according to HSBC Bank Armenia CJSC. The bank's footprint gives access to over 5,800 people across more than 60 countries who strive to deliver outstanding customer service and low cost, risk-free trade finance solutions for their clients. HSBC's footprint also gives them access to 85% of world trade. Every minute, HSBC processes USD1m of trade turnover globally. The Bank's aim is to be the world's leading international trade bank and number one destination for local importers and exporters, when their business crosses the borders of Armenia.

By the bank's data, in 2014 trade finance volumes (total products) increased by 35% on year on year basis, AMD 31.8bln vs AMD 23bln. In terms of trade finance revenues the growth was 51%.  As of Mar 2014 the market share was 37%. The bank has 10 branches in Yerevan and services 36 thsd clients.

According to the data of Financial Rating of Armenian Banks prepared by Arminfo, as of Apr 1, 2015 HSBC Armenia's assets totaled 286.1 bln AMD with credit investments totaling more than 184 bln AMD. The share of letters of credit and guarantees in the bank's loan portfolio totaled 7% or about 11.5 bln AMD. The bank comes third in the sphere of corporate lending: as of Apr 1, 2015 it provided 150.6-bln-AMD-volume or 82% of the bank's loan portfolio. The bank provides loans to the Armenian economy sector in the following spheres - industry - 32%, trade - 20,4% and construction - 8,6%. The share of SME in the bank's loan portfolio totals 28.9%. In this respect the bank retains its position in the TOP-10. HSBC finished Q1 2015 with 1.7-bln-AMD net profit. The bank has been operating in Armenia since 1996. In 1999 it was renamed HSBC Armenia from Midland Armenia Bank. HSBC Europe B.V and Wings Establishment  are the shareholders of the bank with 70% and 30% respectively.