HSBC BANK ARMENIA RESUMES ALLOCATION OF CREDITS TO INDIVIDUALS IN ARMENIAN DRAMS

ARKA
DECEMBER 17, 2009
YEREVAN

YEREVAN, December 17, /ARKA/. In 2009 November HSBC Bank Armenia
resumed allocation of credits to individuals in Armenian Drams in
line with an agreement signed with the National Mortgage Company
(NMC), the bank’s press service told ARKA.

It said the funds of the NMC are issued as credits to Armenian citizens
and persons with permanent residence for acquisition and repair of
real estate property. At that the bank has not ceased allocation of
credits to individual and corporate clients in US Dollars.

Resumption of allocation of credits is supported by availability
of funds of the NMC and strict contractual terms, which allow the
bank to issue low risk credits. The bank said resumption of credits
was also pressed by positive trends in the Armenian economy and the
demand for real estate credits.

HSBC is a subsidiary of HSBC Bank plc. It was registered in Armenia
in 1995.

Seventy percent of its shares are held by HSBC plc and 30% by Armenian
overseas investors.

HSBC Bank Armenia joined NASDAQ OMX Armenia in 2009 January.

From: Emil Lazarian | Ararat NewsPress