HSBC ARMENIA BANK OPENS ITS SIXTH BRANCH

Noyan Tapan
April 14, 2008

YEREVAN, APRIL 14, NOYAN TAPAN. HSBC Armenia Bank opened the Garegin
Nzhdeh branch on April 14. It is located at 14 Bagratuniats Street
in Yerevand, in the area of Garegin Nzhdeh Square and is the sixth
branch of the bank in Armenia. In addition to it, the bank has four
branches that provide limited services.

The CEO of the bank Tim Slater said that Garegin Nzhdeh branch is
the first one to be located far from downtown Yerevan. The branch
has two cash machines, as a result of which the total number of the
bank’s cash machines has made 39. The bank plans to open another two
branches by late 2008.

Besides, in late 2008 all customers of the bank will have the
opportunity to make use of online banking services.

The deputy chairman of the Central Bank of Armenia (CBA) Artur Javadian
welcomed the fact that HSBC Armenia Bank has opened its fourth branch
in two years – despite HSBC Bank’s considerable losses last year due to
the global financial crisis. "It shows that Armenia, in which there is
macroeconomic stability and a two-digit economic growth, is a favorable
country for investments". A. Javadian expressed a hope that Armenian
banks will continue their regional expansion, while HSBC Armenia Bank
will carry out its program on creation of an insurance company.

Tim Slater told NT correspondent that the two branches to be opened
will also be located in Yerevan. The bank also envisages to open
branches outside the capital city – probably in Vanadzor or Gymri
next year.

HSBC Armenia Bank was founded in 1996. 70% of its shares are owned by
HSBC Bank, 30% – by Diasporan Armenians. In 2007, the bank’s profit
grew by 5.6% as compared with 2006 and amounted to 4.46 bln drams
(about 14 mln USD). The bank’s assets made 104.2 bln drams in late
2007, increasing by 23.9 bln drams in a year. The bank has more than
41 thousand customers, whose deposits made 82.6 bln drams in late 2007.

From: Emil Lazarian | Ararat NewsPress