ArmInfo. For the second year in a row, HSBC Bank Armenia cjsc (hereinafter HSBC Armenia) has been ranked No.1 Domestic Cash Manager for Corporates by Euromoney magazine's cash management survey. HSBC Armenia was also recognized as No.1 bank for Service for Corporates in Armenia for the first time.
As the press service of the bank reports the Euromoney Cash Management Awards are voted by cash managers, treasury professionals and financial officers around the world, providing them with the opportunity to comment on the standard of the cash management services they receive, as well as rate the financial institution they bank with.
Being voted as the Best Cash Manager in Armenia represents our customers' trust in HSBC Armenia. "We strive to meet all of the needs of our customers by providing quality banking products and services through the continued efforts of our professional cash management specialists. We will continue to offer up-to-date market solutions and quality services to ensure the trust of our customers while meeting and exceeding their expectations," Vardan Shahbazyan, Head of Global Liquidity and Cash Management Department noted.
HSBC Armenia was named "The Best Cash Management Bank in Armenia" in the 2018 survey. Besides, HSBC has been named Best Global Cash Manager for Corporates for 8th consecutive year. The results of the survey confirm HSBC's leading role in corporate services both locally and globally.
Euromoney magazine based its findings on 25,000 valid responses generated from March 28 to May 10, 2019.
According to the Express Ranking of Banks of Armenia prepared by ArmInfo IC as of October 1, 2019, HSBC Bank Armenia's assets amounted to $ 433.5 million, in the structure of which credit investments and other loans accounted for about 59% or $ 253.9 million. Corporate loans dominate in the bank's loan portfolio mainly concentrated in such areas as trade, industry, catering / services, in terms of the amount of financing these sectors the bank holds a position in TOP-5. According to the results of 9 months of 2019, HSBC Bank Armenia completed with a net profit of $ 2.96 million, with a y-o-y growth of 3.3-fold.
It should be noted that HSBC Bank Armenia, representing HSBC Bank plc Group in Armenia, has been operating since June 20, 1995. HSBC Bank Armenia shareholders are represented by HSBC Europe BV - 70% and Wings Establishment - 30%. 7 branches of the bank are located in Yerevan alone.
And this small number of branches in the case of HSBC Bank Armenia is explained by the very active use of remote methods of customer service and the digital transformation of banking services common for a foreign bank.