Armenian banking sector shows activation tendency

PanARMENIAN.Net - Armenian banking sector shows gradual activation tendency, based on January-February results.



As HSBC Bank Armenia cjsc Chief Executive Officer Astrid Clifford told a news conference in Yerevan, "data for January-February 2010 proves the rising demand for crediting; still, we'll continue to practice caution."



"There are no fundamental problems in Armenian foreign currency exchange market," Ms. Clifford said, commenting on fluctuations in exchange rate.



On March 17, AMD/USD exchange rate amounted to AMD 400,10/ USD 1, thus exceeding the "psychological" mark.



HSBC Bank Armenia was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. on 1996 and has been renamed into HSBC Bank Armenia cjsc on 1999. The bank is a joint venture between the HSBC Group, which has a 70% ownership, and members of overseas Armenian businesses with 30% ownership. It is one of the leading banks in the foreign exchange market.



HSBC Bank Armenia cjsc offers a wide range of products and services to individual as well as corporate customers in Armenia and abroad.



The bank is the member of SWIFT and Bankmail payment