HSBC BANK ARMENIA INTENDS TO ESTABLISH CENTER OF NATIONAL SERVICES IN YEREVAN IN MAY

ARKA
April 14, 2008

YEREVAN, April 14. /ARKA/. HSBC Bank Armenia intends to establish the
center of national services in Yerevan in May, Tim Slater, executive
director of the bank, said Monday answering the question ARKA News
Agency put to him.

"This will be a big back-office with 180 personnel, which will reduce
queues in branches and improve services", Slater said.

He said all principle transactions will be carried out in the new
office, and other branches will service clients.

Slater said that Armenia is considered as CIS regional center. That’s
why it was decided to establish a center in Yerevan, he said.

HSBC Bank Armenia – the HSBC Bank plc daughter bank – was registered
September 25 1995. HSBC Bank plc holds 70% of HSBC Bank Armenia shares,
the rest 30% belongs to Diaspora investors.

In 2007, the bank recorded the highest showings of its 12-year activity
in Armenia. The profit for 2007 increased 5.6% as compared to 2006
and reached AMD 4.26bln ($14mln).

As of December 31 2007, the bank assets totaled AMD 104.2bln ($342.6)
as against AMD 80.3bln (close to $220.8mln) of 2006. With a capital
of AMD 10.6bln as of December 31 2007 the bank yielded a profit of
AMD 3.3bln in 2007.

Deposits invested in the bank in 2007 increased 17% reaching
AMD 82.6bln (close to $271.4mln) against AMD 70.4bln as of 2006
(approximately $193.8mln)

From: Emil Lazarian | Ararat NewsPress