HSBC Bank Armenia forecasts growth in interest rates of AMD deposits
and loans in Armenia
2009-03-08 14:05:00
ArmInfo. HSBC Bank Armenia forecasts growth in interest rates of AMD
deposits and loans in Armenia, Chief Executive Officer of HSBC Bank
Armenia Tim Slater told journalists, Saturday. He added that the rates
of USD deposits and loans will undergo no changes and may even be
decreased.
He said that in 2008 the bank raised the AMD deposit rates by 4.75% at
the mean, and the AMD loan rates – by 3.25%. Thus, the real growth of
AMD deposit rates was by 1.5% higher than that of AMD loans, and the
bank’s clients benefited from this, Slater stressed.
To note, as of Jan 1, 2009, provision of crediting of HSBC Bank Armenia
totalled 73.3 bln AMD ($239 mln) or over 60% of assets, the annual
growth being 42,1%. The volume of fixed-term deposits was 33% of the
total volume of the bank’s obligations, or 35 bln AMD ($114.2 mln), the
annual growth being 32,2%. The shareholders of HSBC Bank Armenia are
HSBC Europe B.V. (70%) and Wings Establishment (30%).