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YEREVAN, FEBRUARY 9. ARMINFO. The US Global Finance Magazine recognized the “HSBC Bank Armenia the best Armenia bank conducting foreign exchange operations in 2003. According to the information reported to ARMINFO, the bank’s profit from foreign exchange operations totaled 810mln. AMD (1.4mln. USD) in 2003.

A source in the HSBC Bank Armenia pointed out that Global finance Magazine announced the nominees under an exclusive survey in the category “Best bank in foreign exchange operations and analysis”. The Bank USA was announced winner in the category “Best analyst” The “Citigroup” bank (North America) was recognized as the global winner. The bank also is the regional winner along with other banks. The winners’ names will be published in the March issue of the Global Finance Magazine.

The winners from 60 countries and regions are selected by the magazine’s editors with the assistance of bank analysts and experts in bank technologies. The best on-line system of currency operations was selected as well. The best banking system of on-line trade in exchange is State Street’s FX Connect, and the FXall system is the best among independent systems.

The contest results were summed up on the basis of such criteria as forex transaction volume and their share on the market, sector coverage, range of services, competitive prices and innovations.

New participants from 24 countries, mostly from the Middle East, Central and Eastern Europe, took part in the 2003 contest as well. The contest organizers considered the Middle East and African countries separately. A prize for the USA and Western Europe was instituted for the first time, because numerous successful businesses were not taken into account during the winners’ selection on such an important market. Joseph D. Giarraputo, President of the Global Finance Magazine, said that the currency market, the world’s largest market, is steadily developing due to both political, economic and technical efforts and changes in the banking industry itself. He pointed out that the magazine encourages the banks enduring severe competition, which is important for the readers.

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