HSBC Bank Armenia cjsc has signed a Memorandum on Cooperation with First Mortgage Company UCO LLC (FMC) on refinancing an existing pool of FMC’s Mortgage Loans.

Borrowing customers of First Mortgage Company, whose loans are included in the refinanced pool, will be individually notified in advance. No significant changes will apply to First Mortgage Company’s borrowing customers as a result of the deal, since according to the Memorandum the annual percentage rates of the refinanced mortgage loans will remain unchanged, the Bank said in a press release.

"We highly value the strategic partnership with such a reputable international financial organization as HSBC. We believe this could become an alternative funding source, that could further improve our company’s financial performance,” First Mortgage Company Chief Executive Officer David Atanessian mentioned.

“In addition to the credit products offered by HSBC, we are ready to consider refinancing First Mortgage Company loans if the applications are in line with the respective guidelines established by the Bank,” HSBC Bank Armenia Chief Executive Officer Astrid Clifford said.

HSBC Bank Armenia gross customer loans increased by 6 % to AMD91 billion as at 30 June 2011.