HSBC Armenia named Best Cash Management Bank by Euromoney  

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.