Friday, July 5 2019 11:36
Alina Hovhannisyan

HSBC Bank Armenia and EIAA discussed with business representatives  opportunities to stimulate trade financing in Armenia

HSBC Bank Armenia and EIAA discussed with business representatives  opportunities to stimulate trade financing in Armenia

ArmInfo. On July 4, HSBC Bank Armenia, together with the Export Insurance Agency of Armenia (EIAA), held a business breakfast with business representatives - importers  and exporters, during which discussions were held on the theme  "Stimulating Trade Finance in Armenia".

 The participants addressed issues related to the rapid and efficient organization of  international trade, the opportunities available and possible risks,  and also learned about the experience of HSBC and EIAA in this area.

"One of the main priorities of the HSBC Group is to serve  international trade using innovative tools. HSBC Bank Armenia seeks  to stimulate exports using modern solutions offered by the HSBC  Group. Putting an emphasis on modern trade finance instruments, the  Bank seeks to further strengthen its position in the country", Head  of Wholesale Banking at HSBC Bank Armenia Martin Martirosyan said.   In turn, Artak Petrosyan, Head of the Trade Finance Department at  HSBC Bank Armenia, noted that thanks to the tools of trade finance,  business entities can enter the international market, acquire strong  and mutually beneficial partnerships, assess and counter existing  risks in a changing business environment.  "The demand for trade  finance instruments is present in almost all sectors of the Armenian  economy, from service companies to infrastructure programs requiring  long-term capital investments. Nevertheless, the share of trade  finance services in banks' total assets is rather low in Armenia," A.  Petrosyan emphasized.

According to A. Petrosyan, the Bank for 154 years has been helping  its customers in the rapid and efficient organization of  international trade.

"Our goal is to increase the availability of modern and efficient  instruments for financing trade operations for our clients, which  will also enhance their competitiveness. With global coverage, with  the presence of the HSBC group in more than 50 countries, we are  ready to facilitate the organization and implementation of trade  transactions around the world , offering modern and complete  solutions for the import / export of goods and services, "he said. At  the same time, A. Petrosyan pointed out the advantages of trade  finance that the Bank can provide to the business. First of all, he  pointed out that there are no restrictions in terms of entering and  attracting low-priced funds in the markets of countries in which the  members of the HSBC group are present, which as a result allows them  to offer financing to clients on favorable terms, such as low  interest rates, the possibility of deferred payment, etc.. In this  vein, he continued: "The client base of the Group worldwide is about  38 million people, which once again underlines our position and  opportunities in the international market. We can provide funding to  our client in any country represented by the HSBC group. At the same  time around the world, the Group has 4,000 trade finance specialists  who can provide our clients with the necessary information and advice  free of charge through a single phone call," he noted.

Armen Khachatryan, member of the EIAA Directorate, presented to the  meeting participants the role of the Agency in activities aimed at  facilitating RA resident export companies and reducing export risks.  During the meeting, it was also noted that, based on the  characteristics of the local economy, at present, Armenian companies  use trade finance services primarily to finance the import of goods.

To recall, on April 3, 2019, HSBC Bank Armenia signed a memorandum of  cooperation with the Export Insurance Agency of Armenia (EIAA). The  Memorandum provides for combining efforts to stimulate exports,  increase production volumes of economic entities that are RA  residents, and introduce joint financial services.

It should be noted that HSBC Bank Armenia, representing HSBC Bank plc  in Armenia, has been operating since June 20, 1995. HSBC Europe BV is  a shareholder of HSBC Bank Armenia - 70% and Wings Establishment -  30%.

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