HSBC Bank Armenia to finance small and medium-sized businesses in 2009

March 7, 2009 - 20:48 AMT
PanARMENIAN.Net - "HSBC Bank Armenia credit investments rate rose by 40%, which is a good result," Tim Slater, Chief Executive Officer of HSBC Bank Armenia told a news conference on Saturday.



In the last 6 months a decrease in crediting line is registered, related to financial instability in Armenia and all over the world. "We'll keep financing our clients in 2009.Special emphasis will be put on small and medium-sized businesses, which would promote the further strengthening of Armenian economy."



According to Tim Slayter, the recent decrease in crediting rate has been the result of dollar exchange rate upsurge, inducing HSBC clients to reinvest their AMD deposits in dollars.





"The end of year will bring the opposite tendency, as the majority of banks, including HSBC Armenia offer a higher interest rate for AMD deposits."
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