HSBC BANK ARMENIA STARTS INSOURCING HSBC GEORGIA’S TRADE FINANCE SERVICES
ARKA
Jan 26, 2009
YEREVAN, January 26. /ARKA/. HSBC Bank Armenia has undertaken certain
transactional processes in Trade Finance for HSBC Georgia. This
represents part of its insourcing strategy and is consistent with
making Armenia a Regional Service Centre, the bank’s press service
reported.
HSBC Bank Armenia Trade and Supply Chain experts, having the required
experience and qualifications, will undertake some important functions,
such as document checking, sending SWIFT messages, and at a later
stage, processing of transactions on behalf of HSBC Georgia, says
the report.
"We see this initiative as beneficial in many aspects for customers in
Georgia, as well as the HSBC Group in both countries. We are reviewing
similar initiatives in other areas of our respective businesses,"
said Tim Slater, CEO of HSBC Bank Armenia.
HSBC Bank Armenia closed joint stock company, a daughter bank of HSBC
Banl plc, was the first international bank to be registered in Armenia
on September 25 1995. HSBC Bank plc holds 70% of the shares of HSBC
Bank Armenia with the remaining 30% belonging to foreign Armenian
investors. The bank has 10 branches and offices in Yerevan and 43
ATMs throughout the city.
By the end of December 2008, the bank’s assets had totaled 121.8bln
Drams and total capital 15.5bln drams with liabilities amounting to
106.3bln Dra ms. The bank’s profit was 3.9bln Drams in January-December
2008. The bank’s credit investments had totaled 71.8bln Drams by the
end of December 2008 as compared with 52.6bln Drams in the beginning
of 2008.
HSBC Bank Armenia is the leader on the foreign exchange market.