Fifteen years ago HSBC opened for business in Armenia, becoming the first international bank to operate in the country.

Last week of May, HSBC Armenia marked this occasion with a celebration at the 7th century temple of Zvartnots, with the participation of Prime Minister Tigran Sargsyan, Government and Central Bank officials, HSBC clients and HSBC Group and local staff, the Bank’s press office reported.

The Prime Minister, Tigran Sargsyan, said it was hard to overestimate the importance of the courageous step taken by HSBC in the mid-90s, when Armenia was facing an economic, political, financial and social crisis. It was a step that gave confidence towards the country’s future and attracted other investors to Armenia. “The government of Armenia will do everything to create a favorable environment for investors in the country as well as for HSBC, to prosper further for the benefit of people in Armenia and its stakeholders,” PM Sargsyan said.

Peter Boyles, Chief Executive Officer HSBC Continental Europe said that HSBC Armenia is an example of building a strong business within a short space of time through purely organic means. “I want to assure the Armenian government, the Central Bank and clients that HSBC will remain absolutely committed to Armenia. One of the initiatives we will be very keen to expend on is to connect Armenian people all over the world to our business here,” Mr. Boyles said.