HSBC Bank Armenia Expects To Earn $11 Million In Profits This Year


May 4, 2010

HSBC Bank Armenia expects to earn $11 million in profits this year,
its CEO Astrid Clifford said in response to a question from ARKA news
agency today.

Speaking at a news conference she said the bank’s development plan
is drafted at the beginning of the year and as of today it was ahead
of it hoping to earn more than projected. She said the bank plans
to shift the focus this year on servicing businesses, crediting and
trade financing as the country’s economy is recovering.

‘We see quite a big activity on part of enterprises which is very
encouraging and we think that the bulk of profits will be earned from
providing our services to and crediting corporate customers,’ she said.

HSBC Bank Armenia cjsc was the first international bank to open in
Armenia in 1996. The bank is a joint venture between the HSBC Group,
which has 70 percent ownership, and members of overseas Armenian
businesses. The bank offers a wide range of products and services
to individual as well as corporate customers, including personal
financial services, commercial banking and treasury and capital markets
services. Thanks to the HSBC network in 88 countries and territories,
the bank is uniquely positioned to provide truly international services
for its customers. HSBC Bank Armenia cjsc has 9 branches and offices
in Yerevan, as well as 50 ATMs located throughout the city.

On March 31 its total assets were worth 138.8 billion Drams,
liabilities grew to 120.8 billion Drams, its total capital stood
at about 18 billion Drams, chartered capital – at 7.6 billion Drams
and aggregate credit investments at 67.3 billion Drams. In the first
quarter of 2010 it earned 934.5 million Drams of net profits. ($1 –
384.47 Drams).

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