HSBC BANK ARMENIA AND EBRD WILL FINANCE LARGE CORPORATE BORROWERS IN ARMENIA

PanARMENIAN.Net
28.10.2009 18:47 GMT+04:00

/PanARMENIAN.Net/ SBC’s expansion in Armenia is marked with another
important development. On 28 October 2009 co-financing agreement was
signed between European Bank for Reconstruction and Development (EBRD)
and HSBC Bank Armenia cjsc. The USD 10 million co-financing agreement
will allow HSBC Armenia to support large corporate borrowers with
their business expansion, which is currently restricted by the "Single
Borrower Normative Ratio" stipulated by the Central Bank of Armenia.

According to the agreement, EBRD will participate up to 50% in loans
and advances provided to commercial banking clients engaged in various
sectors of economy for financing large loans.

The deal highlights the growing partnership between EBRD and HSBC in
identifying growing business opportunities and deepening relationships
with established, well performing clients as well as improving the
Bank’s competitive advantage in the market.

HSBC Bank Armenia cjsc has a well commercial lending portfolio of USD
103 million and has registered strong results for the last 9 months
of 2009. HSBC Commercial Banking operates in 64 countries worldwide
and comprises a core part of its business.