HSBC BANK ARMENIA, EBRD TO CO-FINANCE LARGE BUSINESS
ARKA
Oct 29, 2009
YEREVAN, October 29. /ARKA/. European Bank for Reconstruction and
Development (EBRD) and HSBC Bank Armenia CJSC signed a co-financing
agreement on Wednesday.
"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", the press office of HSBC
Bank Armenia reports.
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", the press release says.
According to the source, 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.
HSBC Bank Armenia, subsidiary of HSBC Bank Plc, was registered on
September 25, 1995.
HSBC Bank plc holds 70% of HSBC Bank Armenia shares. The remaining 30%
belong to overseas Armenian investors.
In January 2009, HSBC Bank Armenia became a member of NASDAQ OMX
Armenia.
The bank’s assets reached AMD 138.6 billion, liabilities AMD 122.1
billion and total capital AMD 16.5 billion by late September 2009.
Its authorized capital amounted to AMD 7.6 billion, credit investments
totaled 66.7 billion, liabilities to clients AMD 107.6 billion and
net profits for Jan-Sept AMD 1 billion.
The bank has seven branches in Yerevan. ($1= AMD 385.08).