November 1, 2010

YEREVAN, November 1, /ARKA/. HSBC Bank Armenia has announced today
the launch of a new product designed for corporate clients - corporate
ATM cards, the Bank's press office said in a press release.

According to it, corporate ATM cards enable corporate customers of
the Bank to have an easy and quick access to their company funds. The
product allows Company Director and other authorized individuals to
obtain up to 3 million AMD cash funds from the Bank's ATM network a
day. Encashment is exempt from the encashment fee for both local and
foreign currency funds.

In addition to cash withdrawal transactions Corporate ATM cards also
offer a number of other features, such as transferring funds between
company accounts, transferring funds to other accounts within the
Bank, checking company account balances, conducting foreign exchange
transactions, etc.

'This is one of our initiatives designed to materialize our vision of
developing into the most business-friendly bank in Armenia. Our goal
is to make Bank-customer relationships as productive, comfortable
and safe as possible,' HSBC Bank Armenia CEO, Astrid Clifford, was
quoted as saying.

She said the first results were very promising. The Bank has issued
300 corporate ATM cards which are used actively by their holders.

'This means that this new product is in tune with the demands of our
corporate customers,' Astrid Clifford said.

HSBC Bank Armenia cjsc was the first international bank to open in
Armenia in 1996. 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. It has 9 branches and offices in Yerevan, as well
as 50 ATMs located throughout the city.

According to ARKA news agency's data, on September 30 the Bank's total
assets grew to 127.8 billion Drams, its liabilities stood at 104.8
billion Drams, the total capital was worth 23 billion Drams, credit
investments reached 83.6 billion Drams and deposits were worth 99.5
billion Drams. In the first nine months it earned 3 billion Drams in
net profits. ($1-358.21 Drams)

From: A. Papazian