HSBC Bank Armenia's trade financing instruments will allow Armenian businessmen to cut their import costs by 1/3, Head of HSBC Bank Armenia's Commercial Banking Department Aram Pinajyan said at a workshop on trade financing on Monday.
He said that HSBC Bank Armenia has lots of trade financing instruments for funding both import and export. "The advantage of our instruments is that HSBC is present in over 70 countries, so, it can use the instruments to help its corporate customers worldwide to cut their costs," Pinajyan said.
He said that the bank's regular workshops are aimed to familiarize Armenian businessmen with trade financing services, which are less risky and more economical and competitive than conventional methods of payment are. "We are also planning to stimulate trade financing deals in Chinese yuan," Pinajyan said.
CEO of HSBC Bank Armenia Thies Clemenz said that the bank's workshops are supposed to inform Armenian businessmen on how to safely act on both domestic and foreign markets. He said that when entering foreign markets, Armenian businessmen face the same problems their counterparts worldwide are generally faced with - unknown business environment, different business laws, doubts that partners may prove to be unreliable. Trade financing instruments are meant exactly to overcome such challenges.
On Apr 28 HSBC Bank Armenia, jointly with the Embassy of Germany in Armenia and the Armenian offices of DWV and GIZ, organized the 10th "Trade Financing Academy" workshop, which involved over 50 Armenian businessmen. A total of 250 export- and import-oriented Armenian companies have taken part in such academies so far.
The shareholders of HSBC Bank Armenia are HSBC Europe B.V. (70%) and Wings Establishment (30%).