GLOBAL FINANCE JOURNAL CONSIDERS HSBC BANK ARMENIA BEST LOCAL BANK IN 2008

/ARKA/
May 26, 2009

YEREVAN, May 26. /ARKA/. The Global Finance journal has considered
HSBC Bank Armenia the best local bank in the nomination the Best Bank
in Asia in Emerging Economies in 2009. The journal considered HSBC
Group the best bank in Asia.

The journal took into account several banking criteria when choosing
the winners, particularly growth in assets, profitability, geographic
reach, strategic relationships, new business development and product
innovation, the HSBC Bank Armenia press service reports.

The world’s best banks were chosen based on a survey carried out by
the editors of the Global Finance, top analysts, corporate directors
and consultants.

The results of the annual survey were published in this month’s issue
of the journal.

Established on September 25, 1995, HSBC Bank Armenia is a joint venture
between the HSBC Group, which has a 70% ownership, and members of
overseas Armenian businesses. The bank has 10 branches in Yerevan.

According to ARKA News Agency’s preliminary information, as of March
31, the bank’s assets and liabilities amounted to 128.2bln drams
and 113.4bln drams respectively, with its total capital reaching
14.9bln drams.

The bank’s loan investments and liabilities to clients amounted to
74.1bln drams and 94.03bln drams. The bank posted 638.9mln drams
worth net losses in Q1 2009. ($1- 371.70 drams )