ARDSHININVESTBANK AND HSBC BANK’S BONDS MOST TRADED IN ARMENIA IN MARCH

/ARKA/
April 20, 2009
YEREVAN

This month, the most traded were bonds those issued by
Ardshininvestbank and HSBC Bank Armenia with corresponding volumes
40% and 22% (from the total fixed income trading), Cascade Investment
says in its monthly study of Armenian market.

"The average yield increased from 11.6% to 12.7%, as the prices of
bonds had downward trend during the month. In general investors were
fearful of further dram depreciation and tended to sell out their
bonds forcing the prices to drop", the organization’s experts say.

In March the volume of traded corporate bonds on the NASDAQ OMX
decreased by 35% to approximately AMD 1.5 billion.

NASDAQ OMX Armenia has 26 companies, including 19 banks.

Ardshininvestbank CJSC got its license (N 83) from the Central Bank
of Armenia on February 27, 2003.

Now the bank’s key shareholders are Region, investment financial
corporation, (86.82%) and International Financial Corporation (10%).

Ardshininvestbank joined NASDAQ OMX Armenia on December 12, 2008.

HSBC Bank Armenia, subsidiary of HSBC Bank plc, was registered on
September 25, 1995.

HSBC Bank plc holds 70% of HSBC Bank Armenia shares. The remaining 30%
belong to overseas Armenian investors.

HSBC Bank Armenia became a member of NASDAQ OMX Armenia in late
January 2009.