HSBC Bank Armenia made AMD5 billion profit in 2008

PanARMENIAN.Net - "In 2008 HSBC Bank Armenia net income totaled AMD 5 billion, exceeding the last years results by 17%," HSBC Bank Armenia CJSC Executive Director Tim Slayter told a news conference on Saturday. According to him, the bank's credit investments rose by 40% to constitute AMD 74 billion. "The bank received a credit line of $100 million from the shareholders, but there was no need to use the funds." As of Dec. 31, 2008 the number of Bank employees totaled 412 people, increasing by 21.5% as compared to 2007. The bank continued its expansion during 2008, opening two more retail branches. Currently the total number of fully-licensed HSBC Bank Armenia CSJC branches in Yerevan is 10, supported by 43 ATMs. According to 2008 data, the bank has served 54 257 individual and 4 374 legal entity customers.



As of Dec 31 2008 Bank capital amounted to AMD 14 248 573 thousand, assets - AMD 121 019 065 thousand, liabilities - 107 019 065 thousand.



Tim Slayter also dwelled on the progress of HSBC network comprising over 9,500 offices in 85 countries. "HSBC Group is one of the largest banking and financial services organizations in the world. According to 2008 results its income amounted to $19,9 billion, and assets - $2,527 billion. Business diversification policy applied by the HSBC Group made lasting customer relationships and international teamwork easier to achieve," Slayter stated.



Headquartered in London,. HSBC's international network comprises over 9,500 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by nearly 200,000 shareholders in over 100 countries and territories. HSBC provides a comprehensive range of financial services to more than 100 million customers.



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. HSBC Bank is affiliated to SWIFT and Bankmail payment systems.