HSBC Bank Armenia expanding Armenian companies’ experience in international trade

YEREVAN, December 12. /ARKA/. HSBC Bank Armenia together with Italy’s embassy in Armenia, is conducting today in Yerevan the 13th workshop of its Trade Academy. HSBC Bank Armenia CEO Thies Clemenz said many companies today get to choose between opportunities to expand their presence at their local market or to enter international market and to face organizational, financial and cultural challenges in trade. At this very stage, he said, they will surely come across certain difficulties, such as differences between legal systems and trade documents as well as problems related to fluctuations in foreign exchange rates. Nevertheless, not only Armenian business people face legislative and organizational problems – insufficient experience may create obstacles to any company, and therefore HSBC Bank Armenia conducts such workshops, Clemenz said. In his words, the information necessary for trading internationally will be provided to the representatives of organizations who are taking part in the workshop. Clemenz said that this event will be useful for Armenian business people and will contribute to development of economic and trade relations between Armenia and Italy. He also said that HSBC has taken top spot in Global Trade Review's 'Leaders in Trade' Awards this year, since the majority of clients voted for HSBC, expressing their confidence in it. Italian Deputy Ambassador to Armenia Mauritsio Krochatelli, stressing the importance of such initiatives, said that trade turnover between Italy and Armenia is growing dynamically. Referring to the latest data, he said that trade between the two countries amounted to $161.5 million in Jan-Sept. 2014. Italy is Armenia’s seventh biggest trade partner. Krochatelli said that Italy provides instruments to its entrepreneurs for developing relations with other countries, including Armenia, since Italy doesn’t consider it as a risky country. Head of Commercial Banking Department at HSBC Bank Armenia Aram Pinajyan, on his side, said that representatives of 300 companies have attended the workshops since HSBC Bank Armenia launched its trade academy in 2010. He said the number of the companies preferring no-risk trade financing instruments is growing and their choice has favorable impacts on these companies’ success. Initiator of the academy is HSBC Bank Armenia. During the workshops important topics such as trade financing, risk mitigation, cost-effective transaction processing are covered and aimed to help local companies develop their own capabilities and succeed in their overseas business ventures. HSBC Bank Armenia CJSC, a member of HSBC Group, was registered on September 25, 1995. HSBC Europe BV holds 70% of the bank’s shares, and the remaining 30% belong to Wings Establishment. In January 2009, HSBC Bank Armenia became a member of NASDAQ OMX Armenia stock exchange. The bank’s assets totaled AMD 261.3 billion in early October 2014, its liabilities AMD 214.5 billion and credit investments about AMD 171.5 billion. Its capital amounted to about AMD 46.8 billion. ($1 – AMD 459.09). ---0----