Sources inform "Globes" that HSBC plans to expand its share of the Israeli business credit market at the expense of local banks. The bank intends to raise the amount of credit it provides in Israel by hundreds of millions of dollars.
"Israel is an attractive market for HSBC, we're comfortable giving business credit here," HSBC Israel CEO and country manager Yehuda Levi told "Globes".
HSBC intends to expand the provision of credit to Israeli companies in Israel and overseas. To that end, HSBC Bank plc Head of International Tony Mahoney came to Israel a few days ago. Mahoney met senior people in the local economy, Governor of the Bank of Israel Stanley Fischer, and large institutional customers.
HSBC is one of the banks that have come through the financial crisis in very good shape, without resorting to government aid. It is now exploiting its financing capability and high capital adequacy ratio to expand its activity at a time when the credit crunch is making it hard for firms to obtain business credit.
Published by Globes [online], Israel business news - www.globes.co.il - on June 17, 2009
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