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HSBC forecasts growth in interest rates of AMD deposits and loans

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  • HSBC forecasts growth in interest rates of AMD deposits and loans

    HSBC Bank Armenia forecasts growth in interest rates of AMD deposits
    and loans in Armenia

    2009-03-08 14:05:00


    ArmInfo. HSBC Bank Armenia forecasts growth in interest rates of AMD
    deposits and loans in Armenia, Chief Executive Officer of HSBC Bank
    Armenia Tim Slater told journalists, Saturday. He added that the rates
    of USD deposits and loans will undergo no changes and may even be
    decreased.

    He said that in 2008 the bank raised the AMD deposit rates by 4.75% at
    the mean, and the AMD loan rates - by 3.25%. Thus, the real growth of
    AMD deposit rates was by 1.5% higher than that of AMD loans, and the
    bank's clients benefited from this, Slater stressed.

    To note, as of Jan 1, 2009, provision of crediting of HSBC Bank Armenia
    totalled 73.3 bln AMD ($239 mln) or over 60% of assets, the annual
    growth being 42,1%. The volume of fixed-term deposits was 33% of the
    total volume of the bank's obligations, or 35 bln AMD ($114.2 mln), the
    annual growth being 32,2%. The shareholders of HSBC Bank Armenia are
    HSBC Europe B.V. (70%) and Wings Establishment (30%).
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