HSBC BANK ARMENIA CALLED 2008’S BEST ASIAN BANK IN DEVELOPING COUNTRIES

ARKA
May 15, 2008

YEREVAN, MAY 15. /ARKA/. Global Finance Magazine has named HSBC Bank
Armenia as "2008’s Best Asian Bank in Developing Economies". The
Public Relations Department of the bank’s Armenian branch said the
winner in the nomination was selected according to such criteria,
as services provided to clients, competitive rates, introduction of
new services, etc.

The selection was based on the opinion of the magazines’ editor,
leading banking analysts, as well as corporate directors and banking
consultants.

The survey results will be officially publicized in the magazine’s
May issue.

HSBC Bank Armenia, the daughter bank of HSBC Bank plc, was registered
on September 25, 1995. HSBC Bank plc owns 70% shares of HSBC Bank
Armenia with the other 30% possessed by foreign Armenian investors. The
bank has 10 branches in Yerevan.

According to the March 31 data, the bank’s assets totalled 101.1bln
drams with the capital totalling 12.6bln AMD. The profit of the bank

in the 1st quarter of 2008 totalled 841.3mln drams, the balance profit
totalling 9.6bln drams. ($1- 307. 50 drams).