HSBC dismisses reports alleging end of operation in Armenia

HSBC dismisses reports alleging end of operation in Armenia

PanARMENIAN.Net - Media reports alleging that HSBC is seeking to sell or shrink its business in Armenia are speculations, Diana Gaziyan, the Communications Manager at the bank’s Armenia chapter, told PanARMENIAN.Net on Thursday, January 30.

Reuters cited sources familiar with the matter as saying that HSBC is considering selling its Turkey business amid concerns about the country’s volatile currency and economic outlook. As part of broader cost-cutting measures under interim Chief Executive Noel Quinn, the bank is also seeking to sell or shrink its business in some other markets, including Armenia, the sources reportedly said.

“It’s a speculation, we can neither comment on or react to it,” Gazinyan said about the report.

The Central Bank of Armenia, meanwhile, issued a separate statement, describing HSBC’s activity in the country as a success story and revealing that the Bank has recently applied to the Central Bank for registering a new Director from March.

 Top stories
The Council adopted revised conclusions on the EU list of non-cooperative jurisdictions for tax purposes.
Armenia's GDP grew by a strong 7.9% year-on-year in the third quarter of 2019, the World Bank said.
"This is the 3rd product of animal origin from Armenia for which EU grated access to its market," the EU said.
Masdar has entered into a formal agreement with Anif to develop 400 MW solar power projects in Armenia.
Partner news