HSBC bank Armenia’s outstanding loan portfolio of trade financing increases by 23 percent in ten months to 100 billion drams

YEREVAN, December 6. / ARKA /. Speaking at a news conference today CEO of HSBC Bank Armenia, Thies Clemenz, said the bank’s outstanding loan portfolio of trade financing increased by 23 percent in the first ten months of the year to 100 billion drams.

He said the figure is an indication of the bank’s clients’ successes and achievements. According to him, the loan portfolio is dominated by corporate clients, middle and small businesses. Head of the bank’s Commercial Department, Aram Pinajian, said overall trade credits make the lion's share of the bank’s loan portfolio, which now stands at around 125 billion drams.

HSBC was recognized as “The Best Global Trade Finance Bank” for the forth year in a row by Global Trade Review (GTR) magazine in 2011. In GTR’s annual “Leaders in Trade 2011” readers’ poll HSBC also won the “Best Global Export Finance Bank” award, thus becoming the first bank to win both awards in one year.

According to HSBC Bank Armenia, as of September 30, 2012 its net profit amounted to 5.7 billion drams rising by 24% from a year ago, the assets grew by 15 percent from the beginning of the year to 207 billion drams, total loans surged by 23 percent to 133 billion drams, deposits saw an 8 percent rise to 131 billion drams and return on equity was 23 percent.

HSBC Bank Armenia, a member of the HSBC Bank plc is owned by HSBC Europe BV (70%) and Wings Establishment (30%). M.M. -0-