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Global Finance Journal Considers HSBC Bank Armenia Best Local Bank I

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  • Global Finance Journal Considers HSBC Bank Armenia Best Local Bank I

    GLOBAL FINANCE JOURNAL CONSIDERS HSBC BANK ARMENIA BEST LOCAL BANK IN 2008

    /ARKA/
    May 26, 2009

    YEREVAN, May 26. /ARKA/. The Global Finance journal has considered
    HSBC Bank Armenia the best local bank in the nomination the Best Bank
    in Asia in Emerging Economies in 2009. The journal considered HSBC
    Group the best bank in Asia.

    The journal took into account several banking criteria when choosing
    the winners, particularly growth in assets, profitability, geographic
    reach, strategic relationships, new business development and product
    innovation, the HSBC Bank Armenia press service reports.

    The world's best banks were chosen based on a survey carried out by
    the editors of the Global Finance, top analysts, corporate directors
    and consultants.

    The results of the annual survey were published in this month's issue
    of the journal.

    Established on September 25, 1995, HSBC Bank Armenia is a joint venture
    between the HSBC Group, which has a 70% ownership, and members of
    overseas Armenian businesses. The bank has 10 branches in Yerevan.

    According to ARKA News Agency's preliminary information, as of March
    31, the bank's assets and liabilities amounted to 128.2bln drams
    and 113.4bln drams respectively, with its total capital reaching
    14.9bln drams.

    The bank's loan investments and liabilities to clients amounted to
    74.1bln drams and 94.03bln drams. The bank posted 638.9mln drams
    worth net losses in Q1 2009. ($1- 371.70 drams )
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