HSBC Bank Armenia Improves AMD Money Transfer Processes


July 23

HSBC Bank Armenia has improved the process of money transfers in drams,
the bank’s press office reports.

Money transfer system and technologies has been modernized and as
a result, the transfer became faster. The modernization also left
little room for errors.

Fore example, transfers on warrant for payment received before 14:00
can be operated before 16:00 on the same day.

The bank’s press office quoted General Executive Director of HSBC
Bank Armenia Tim Slater as saying that the bank, acknowledging the
importance of its clients’ transfers to tax and customs agencies,
has decided to operate these transfers on the schedule changed by the
end of every month and quarter. The schedule will be adjusted to that
of the Central Bank of Armenia.

The head of the bank said that the Central Bank works on extended
schedule in such cases.

He said HSBC Bank’s branches work on Saturdays, if the closing day
of a month or a quarter is Saturday.

Slater said that the bank’s transfer unit will work on Saturdays.

Besides, to make the service perfect, all the branches of HSBC Bank
Armenia started working on extended schedule – until 18:00 in working
days and 14:00 on Saturday.

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

HSBC Bank pl c holds 70% of shares of HSBC Bank Armenia, and the
remaining 30% belong to Armenian investors overseas.

The bank has 10 offices in Yerevan.

The bank’s assets totaled AMD 105.5 billion and capital AMD 13.2
billion by late June.

The bank’s profit for the first half of this year amounted to AMD 1.7
billion and balance profit on capital account AMD 10.5 billion. ($1 –
AMD 301.41).