YEREVAN, October 18. / ARKA /. HSBC Bank Armenia will help Armenian companies to win new foreign markets, HSBC Bank Armenia CEO Thies Clemenz said today during the eighth Academy of Trade Finance.
He said local companies are constantly faced with a dilemma either to continue to expand their operations within the country or seek new foreign markets, where they are likely to face serious risks associated with legal, organizational, logistical problems and return of funds, which makes their access to global markets more difficult.
He said not only Armenian, but many other companies, including in developed countries face such problems, but added that HSBC has the experience to help companies navigate in the world of commerce.
He said the bank's advantage lies in the fact that it conducts numerous studies in various fields, looking deep into the economic situation, trade trends and is ready to provide the results to businesses.
In turn, Deputy Head of Mission, Armenia Amias Moores, praised HSBC for making major changes in the banking system of Armenia through introduction of high standards.
Moores also said that the embassy is working hard to promote British businessmen running businesses in Armenia and Armenian companies to enter the UK market.
HSBC Bank Armenia launched the Trade Finance Academy in 2010 to provide business people with tools for financing foreign trade, risk assessment and effective management necessary to enter new markets.
HSBC Bank Armenia is a member of HSBC Group. Seventy percent of its shares are owned by HSBC Europe BV and 30 percent by the Wings Establishment. HSBC Bank Armenia joined NASDAQ OMX Armenia stock exchange in 2009 January. ($1-406,36 drams). -0-