HSBC Bank Armenia covers 38 percent of the trade finance market

• Tuesday, August 28, 11:35

Over the first half of 2012, the net profit of HSBC Bank Armenia totalled AMD 3.5 billion, an AMD 765 million or 28 percent increase over the same period in 2011, thus ensuring the highest net profit in the market.  The press service of the Bank told ArmInfo that total assets at 30 June 2012 were up by 10
percent compared to 31 December 2011 amounting to AMD 198 billion.

Gross customer loans increased by 15 percent or AMD 16 billion to AMD 124 billion at 30 June 2012, with the corporate loan portfolio growing by 17 percent to AMD 103 billion.

Customer deposits increased to AMD 128 billion, a six percent increase over 31 December 2011, comprising the largest market share. Personal deposits increased by 10 percent or AMD 8 billion to AMD 92 billion, again comprising the largest market share.

The outstanding balance of Trade Finance products volumes totalled AMD 10 billion, a 27 percent compared to 31 December 2011, comprising 38 percent of the trade finance market share. 

The achievements, awards and rankings of the Bank are as follows:  Introduction of new products and services: Personal secured loans for individuals; Card insurance service protecting ATM and MasterCard international card users from certain risks; "HSBC Plus" packaged solution for individuals, (March - April 2012). 

Branch expansion:  A new dedicated "STATUS" branch was opened in 0Yerevan, (May 2012). 

Awards:  Global Finance Magazine recognized HSBC Bank Armenia as the Bank Armenia that has won its World's Best Bank awards most often over the past 16 years (May-June 2012 issue). 

Leading bank for international business in Armenia:  The third annual Trade Award ceremony was held, where the Bank's Best Trade Customers of 2011 were announced. One customer participated in an HSBC Trade Connection Summit held in Brazil (June 2012).

"During the first six months of 2012 we have made tangible progress in a number of key areas and registered strong financial results. The successful implementation of our strategy and priorities will hopefully deliver continued growth during the rest of the year", - HSBC Bank Armenia Chief Executive Officer Astrid Clifford said.

HSBC Bank Armenia cjsc was the first international bank to open in Armenia in 1996.  The bank is a joint venture between the HSBC Group, which has 70 percent ownership, and members of overseas Armenian businesses. The bank offers a wide range of products and services to individual as well as corporate customers, including personal financial services, commercial banking and treasury and capital markets services. Thanks to the HSBC network in 85 countries and territories, the bank is uniquely positioned to provide truly international services to its customers.

The Yerevan office opened with 18 staff and under 100 clients. HSBC Bank Armenia cjsc today has more than 33 thousand individual and five thousand corporate customers and employs 387 employees at nine branches and offices in Yerevan. The bank has one of the largest networks of more than 50 ATMs located throughout Yerevan. HSBC in Armenia has grown assets from five million US dollars in 1996 to just 480 million US dollars today.