HSBC Bank Armenia: services comprise “the largest and most dynamic component” of economies around the world
15.06.2016,
14:50
Speaking today at HSBC Bank Armenia Best Trade Customers Award ceremony, HSBC Bank Armenia CEO Thies Clemenz said according to HSBC’s observations of trends in the world of trade, today trade is increasingly about services – which are more likely to be transmitted over the internet than across the ocean, versus trade at the start of the 20th century when international trade would mean a steamship with crates on board.
YEREVAN, June 15. /ARKA/. Speaking today at HSBC Bank Armenia Best Trade Customers Award ceremony, HSBC Bank Armenia CEO Thies Clemenz said according to HSBC’s observations of trends in the world of trade, today trade is increasingly about services – which are more likely to be transmitted over the internet than across the ocean, versus trade at the start of the 20th century when international trade would mean a steamship with crates on board.
He said services – the sale and delivery of intangible products to consumers – comprise “the largest and most dynamic component” of economies around the world, according to the World Trade Organization. The sector represents about 60% of world GDP and about 80% of GDP in some developed markets, and is growing fast in large emerging markets such as China but also in Armenia. Growth can be seen in Armenia’s trade volumes of services like accommodation, entertainment as well as information and communication.
'In the world of slow economic growth and recent industrial data showing a gloomy picture for the global economy services trade is a rare bright spot to be looked at. And we have made sure that one of today’s awards would go to a client engaged in services trade,' Mr. Clemenz said.
HSBC Bank Armenia cjsc was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. in 1996 and was renamed HSBC Bank Armenia cjsc in 1999. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and members of overseas Armenian businesses with 30 per cent ownership. HSBC Armenia serves around 33,000 customers through nine offices located in Yerevan and around 400 employees. The bank has assets of AMD256.6 billion as of 31 March 2016 and is one of the leading banks in the foreign exchange market in Armenia. -0-
He said services – the sale and delivery of intangible products to consumers – comprise “the largest and most dynamic component” of economies around the world, according to the World Trade Organization. The sector represents about 60% of world GDP and about 80% of GDP in some developed markets, and is growing fast in large emerging markets such as China but also in Armenia. Growth can be seen in Armenia’s trade volumes of services like accommodation, entertainment as well as information and communication.
'In the world of slow economic growth and recent industrial data showing a gloomy picture for the global economy services trade is a rare bright spot to be looked at. And we have made sure that one of today’s awards would go to a client engaged in services trade,' Mr. Clemenz said.
HSBC Bank Armenia cjsc was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. in 1996 and was renamed HSBC Bank Armenia cjsc in 1999. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and members of overseas Armenian businesses with 30 per cent ownership. HSBC Armenia serves around 33,000 customers through nine offices located in Yerevan and around 400 employees. The bank has assets of AMD256.6 billion as of 31 March 2016 and is one of the leading banks in the foreign exchange market in Armenia. -0-
