Armenian banking sector shows activation tendency

26.03.2010 16:24 GMT+04:00

/PanARMENIAN.Net/ Armenian banking sector shows gradual activation
tendency, based on January-February results.

As HSBC Bank Armenia cjsc Chief Executive Officer Astrid Clifford told
a news conference in Yerevan, `data for January-February 2010 proves
the rising demand for crediting; still, we’ll continue to practice
caution.’

`There are no fundamental problems in Armenian foreign currency
exchange market,’ Ms. Clifford said, commenting on fluctuations in
exchange rate.

On March 17, AMD/USD exchange rate amounted to AMD 400,10/ USD 1, thus
exceeding the `psychological’ mark.

HSBC Bank Armenia was established as a closed joint stock company
under the name Midland Armenia Bank J.S.C. on 1996 and has been
renamed into HSBC Bank Armenia cjsc on 1999. The bank is a joint
venture between the HSBC Group, which has a 70% ownership, and members
of overseas Armenian businesses with 30% ownership. It is one of the
leading banks in the foreign exchange market.

HSBC Bank Armenia cjsc offers a wide range of products and services to
individual as well as corporate customers in Armenia and abroad.

The bank is the member of SWIFT and Bankmail payment