HSBC

HSBC Bank Armenia Reopens Its Eighth Branch

Noyan Tapan 21.11.2011

Today HSBC Bank Armenia reopens its "Komitas 1" branch at "Renault-Nissnan" showroom on 47 Komitas Street, closed in June 2009 due to the bank's decision to temporarily suspend its consumer lending.

While previously "Komitas 1" was a limited operation branch where customers could apply only for car loans, it will now operate as a full service branch. Car loans issued for purchase of cars from Renault-Nissan (47 Komitas), Ford-Volvo-Land Rover (42 Acharyan), Peugeot (33/1 Rubinyants), Chevrolet (18 Halabyan) showrooms will be provided to customers at a discounted, preferential rate - starting from13% per annum.

"During one year HSBC Armenia has significantly increased volume of its personal loans and by the end of 2011 the total personal loan portfolio will reach around US$ 55 million. We expect the reopening of "Komitas 1" branch to play an important role in increasing of overall personal loans portfolio", - said HSBC Bank Armenia Head of Retail Banking and Wealth Management Arman Barseghyan.

HSBC Bank Armenia has provided banking services such as lending, letters of credit, guarantees and foreign trade finance solutions to "Karcomauto" LLC for the past 10 years. Recently, at a Trade Award ceremony HSBC Armenia announced its Best Trade Customers of 2010 and "Karcomauto" LLC received the "Best Trade Customer - CEO's Special Award", and in 2010 "Karcomauto" LLC was recognized as the bank's Best Trade Customer in the category "Bank Guarantees".

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