HSBC Bank Armenia increases trade financing by 20%

PanARMENIAN.Net - Launch of Trade Academy in partnership with National Center of Armenia (SME DNC) to provide training events and additional trade assistance for businesses looking to enhance their ability to grow their international trade business is among key achievements of HSBC Bank Armenia in 2010.

Chief Executive Officer of the Bank, Ms. Astrid Clifford said that seminars will be organized also in future and specialists of HSBC Group from European countries and China will be invited to conduct them.

“We recorded a considerable growth (20%) in trade financing,” she said.

According to Clifford, since the share of China in Armenia’s foreign trade is significant, the bank has launched implementation of deals also in Chinese Yuans.

The bank Chief Financial Officer, Gevorg Tumanyan noted for his part that the cost of similar services should be lowered in Armenia. “If clients are able to use the instrument of trade financing instead of prepayment, the cost of goods will be lower for them,” he said.