HSBC Bank Armenia and EBRD will finance large corporate borrowers in Armenia

PanARMENIAN.Net - SBC's expansion in Armenia is marked with another important development. On 28 October 2009 co-financing agreement was signed between European Bank for Reconstruction and Development (EBRD) and HSBC Bank Armenia cjsc. The USD 10 million co-financing agreement will allow HSBC Armenia to support large corporate borrowers with their business expansion, which is currently restricted by the "Single Borrower Normative Ratio" stipulated by the Central Bank of Armenia.

According to the agreement, EBRD will participate up to 50% in loans and advances provided to commercial banking clients engaged in various sectors of economy for financing large loans.

The deal highlights the growing partnership between EBRD and HSBC in identifying growing business opportunities and deepening relationships with established, well performing clients as well as improving the Bank's competitive advantage in the market.

HSBC Bank Armenia cjsc has a well commercial lending portfolio of USD 103 million and has registered strong results for the last 9 months of 2009. HSBC Commercial Banking operates in 64 countries worldwide and comprises a core part of its business.