  HSBC Bank Armenia: 23% growth recorded in SME crediting in 2010 June 29, 2010 - 14:52 AMT PanARMENIAN.Net - CEO of HSBC Bank Armenia Astrid Clifford said that crediting of small and medium enterprises(SME)increased by 23% in Armenia in January-June 2010 as compared with the same period of last year, amounting to $38mln against $31mln in 2009. According to her, the portfolio of SME crediting grew by 50% this year, totaling $6mln. "40% growth is expected in the Bank's entire credit portfolio until the end of 2010, while the current growth already makes 29%," Clifford said, adding that the bank's loans will be basically directed forthe development of SMEs and international. Meanwhile, the mortgage loans of HSBC Bank Armenia totaled $45mln as of the end of May 2010, while 10mln growth is expected until the end of 2010. Besides, according to her, interest ratesfor loans are decreasing in Armenia, and the Bank also revisesitsinterest ratesfrom time to time, depending onsupply and demand.
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