HSBC Bank Armenia signed a memorandum of cooperation with the Export  Insurance Agency of Armenia

ArmInfo. HSBC Bank Armenia signed  a memorandum of cooperation with the Export Insurance Agency of  Armenia (EIAA).As stated in the official report of the EIAA, within  the framework of the memorandum, the parties will unite efforts to  stimulate exports, increase production volumes of economic  entities-residents of the Republic of Armenia and introduce joint  financial services.

According to the latest data, the EIAA has signed a memorandum of  cooperation with 12 banks, out of 17 banks operating in Armenia.To  note, HSBC Bank Armenia, representing HSBC Bank plc in Armenia, has  been operating since June 20, 1995. HSBC Europe BV is the shareholder  of HSBC Bank Armenia - 70% and Wings Establishment - 30%.Recall that  the Export Insurance Agency of Armenia (EIAA) CJSC was established at  the end of October 2013 by the decision of the government of the  republic as an effective instrument of export promotion. 

The main function is insurance of exporters (small and medium  enterprises) resident in Armenia against financial risks (losses) in  cases where the foreign buyer does not fulfill his obligations under  the export contract.