Despite significant GDP decrease, as well as import and export slump observed in 2009, the volume of trade financing services offered by HSBC Bank Armenia grew by 40% in 2009.

As HSBC Bank Armenia Head of Commercial Banking Aram Pinajyan told a news conference in Yerevan, “In 2010, the Bank will invest USD 400 thousand in trade financing technologies.”

“Each final product consists of several intermediary ones manufactured in different countries. This is the reason why final product is being included in one country’s GDP, while its components are registered in that of another country,” Head of HSBC Trade and Supply Chain Europe, Stuart Nivison, said.

CBA Vice Chairman Vache Gabrielyan, for his part, expressed hope for further accentuating of export financing in HSBC Bank Armenia activities.