NEW HEAD OFFICE OF HSBC BANK ARMENIA OPENS IN YEREVAN

Noyan Tapan
Apr 05 2007

YEREVAN, APRIL 5, NOYAN TAPAN. The new head office of HSBC Bank
Armenia opened at 66 Terian Street, Yerevan. A new branch of the bank
is located in the same building. The bank’s former head office was
registered as a branch at 9 Vazgen Sargsian Street, Yerevan.

General Executive Director of HSBC Bank Armenia Anthony Turner said
at the March 5 press conference that another 3 branches of the bank
will open in Yerevan by late 2007, as well as the number of cash
dispensers will be increased from 21 to 44.

According to him, HSBS Bank Armenia will continue providing mortgage
credits at 12% interest rate, attempting to reduce it to 10.5% in the
future. The bank will soon start implementing a program of crediting
small and medium enterprises.

Presenting the 2006 financial report of the bank, A. Turner said that
the total amount of deposits of the bank’s customers made 70 bln drams
(about 193 mln USD) in the indicated period, with a 11% growth in
Armenian drams and a 37% growth in US dollars on the previous year.

"Since 1999, HSBC Bank Armenia has paid a sum equialent to 21
million dollars as dividents, which shows a high level of the
bank’s profitability," Director of the bank’s financial unit Ruzanna
Shahinian stated.