HSBC OPENS TWO NEW BRANCHES IN YEREVAN

ARMENPRESS
Sep 17, 2007

YEREVAN, SEPTEMBER 17, ARMENPRESS: On Saturday prime minister Serzh
Sarkisian and a London-based investor Watche Manoukian, Board Chairman,
founding shareholder of HSBC Bank Armenia, inaugurated a new branch
of the HSBC Bank in Armenian capital.

The new branch is located in downtown at 31, Tigran Mets
Street. Another branch was opened simultaneously in Nersisayn Street
in Zeytoon district. Now the HSBC Armenia Bank has five branches
in Yerevan.

The bank plans to open five more branches in 2008 and also 15 ATM to
have a total of 50 ATMs.

HSBC Bank Armenia Chief Executive Office Anthony Turner said the bank
will continue its ‘aggressive ‘investments in Armenia to bring here
advanced banking technology.

HSBC Bank Armenia was the first international bank to open in Armenia
in 1996. The bank is a joint venture between the HSBC Group, which
has a 70% ownership, and members of overseas Armenian businesses.

It is one of the leading banks in the foreign exchange market. HSBC
Bank Armenia offers a wide range of products and services to individual
as well as corporate customers in Armenia and abroad.

As at 30 July, 2007 the bank served 26,765 individuals, 3,529 legal
entities and had 287 employees. The bank had assets of AMD 80,995,474
as at June 30, 2007.