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%.