YEREVAN, SEPTEMBER 25, ARMENPRESS: HSBC Armenia will open four new branches this and next years, three in the capital city Yerevan and one in Armenia’s main airport Zvartnots. In 2007 the bank will have overall six branches.
HSBC Armenia chief executive officer Anthony Turner told a news conference today HSBC Armenia’s assets rose from $5 million in 1996 when it opened to $ 170 million now. Seventy percent of shares are held by HSBC and thirty percent are owned by Diaspora Armenians.
Turner said balance profit of HSBC Bank Armenia totaled AMD 4.6 billion by June 30, 2006 and profit for Jan-June 2006 made 1.5 billion. The bank’s statutory fund is AMD 2.4, assets are AMD 71.5 billion and total capital is AMD 7.3 billion.
Aggregate credit portfolio of HSBC Bank Armenia was AMD 22.9 billion by June 30, 2006. He said the bank keeps $179 million worth deposits in Drams.
The majority of clients are economic entities who pay their personnel’s salaries through banking system. Armenia is one of 76 countries in which HSBC has its subsidies.
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