HSBC bank Armenia gets $100 million credit line form shareholders

YEREVAN, March 9. /ARKA/. The shareholders of HSBC Bank Armenia last
year extended a $100mln credit line to the bank as back-up funds, said
CEO of HSBC Bank Armenia Tim Slater.

According to the banker, 2009 is going to be a challenging year for the
banking system, but the bank is ready to overcome difficulties and make
profits.

In his turn, HSBC Group last year earned $19.9bln worth profits before
taxation and goodwill (intangible assets – ARKA). Though lower than in
2007, this is a rather good performance, Slater said, expressing a hope
the bank would be the largest profit maker in 2008.

HSBC Bank Armenia was the first international bank to be registered in
Armenia on September 25, 1995. The bank is a joint venture between the
HSBC Group, which has a 70% ownership, and members of overseas Armenian
businesses with 30% ownership.

As of December 31, the bank’s assets and capital totaled 121.8bln drams
and 15.5bln drams respectively, with the 2008 profit amounting to
3.9bln drams. The bank’s profit on account totaled 12.7bln drams with
74bln drams worth credit portfolio, compared to 51.7bln drams in 2007.
The bank currently has 10 branches.

According to ARKA News Agency, HSBC Bank Armenia is among the leading
local banks, ranking second with its assets and having the largest
liabilities, total deposits and attracted clients in Armenia.
Besides, the bank ranks fifth for its capital and is the third largest
profit-maker in the local banking system. ($1 -360.67 drams). `0–

From: Emil Lazarian | Ararat NewsPress