HSBC Bank Armenia’s trade financing in 2012 amounted to 30.5 billion drams, an increase of 65 percent from previous year
10.07.2013,
15:49
HSBC Bank Armenia’s trade financing in 2012 amounted to 30.5 billion drams, an increase of 65 percent compared to the previous year, head of the Bank’s Trade and Credit Department, Aram Pinajian said today.
YEREVAN, July 10. /ARKA/. HSBC Bank Armenia’s trade financing in 2012 amounted to 30.5 billion drams, an increase of 65 percent compared to the previous year, head of the Bank’s Trade and Credit Department, Aram Pinajian said today.
"Use of trade finance mechanisms offered by our bank enables our customers to reduce almost to zero the business risks and the financial costs up to 50%," he said during a ceremony called to award its best five trade finance customers last year.
According to Pinajian, today HSBC Bank Armenia has about 4,500 corporate customers. The bank’s income from trade financing in 2012 grew by 13% from 2011. Also last year it recorded a 33% growth in import documentary letters of credit and an unprecedented 353% growth in export documentary letters of credit.
In the first quarter of 2013 trade finance services grew by 39% from a year before, the number of import letters of credit by 29%, the amount of bank guarantees soared by 85% and the income from trade finance by 87%.
HSBC Bank Armenia is part of "HSBC Bank plc. Seventy percent of it is owned by HSBC Europe BV and 30% is held by Wings Establishment. In 2009 it joined NASDAQ OMX Armenia stock exchange. ($1 – 411.76 drams). -0-
