EBRD AND HSBC AGREEMENT ENABLES BUSINESS EXPANSION IN ARMENIA

ArmInfo
2009-10-29 17:29:00

ArmInfo. 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.