HSBC Bank Armenia wins "Bank of the Year in Armenia" Award for 2009

The criteria for choosing the winners included banks' financial performance, innovation, new initiatives and general strategy over the previous year.

Among the bank's achievements which have been considered by The Banker were the 16.9 per cent rise in assets in 2008 and the bank's focus on providing superlative customer service.

Tim Slater, Chief Executive Officer, HSBC Bank Armenia cjsc, commented: "The bank continued its investments in technology and infrastructure and introduced internet and telephone banking services to Armenia. HSBC Bank Armenia now offers a full direct banking proposition and a choice of branch, ATM, telephone and internet banking for its customers".

The world's local bank continues to work on the concept of 'your branch that never closes' for customers living in Armenia and elsewhere in the world.

HSBC Bank Armenia cjsc is the first international bank in Armenia. The bank entered the local market in 1996. The shareholders of the bank are HSBC Europe B.V. (70%) and Wings Establishment (30%). HSBC Bank Armenia serves 9 branches and an office in Yerevan as well as 48 ATMs.

Ranking of Armenian Commercial Banks prepare by Agency of Rating Marketing Information (ArmInfo) ranked HSBC Bank Armenia the 2nd by asstes as of Oct 1 2009 (138.6 billion drams or $360.5 million). By ther credit portfolio the bank also proved the second (86.1 billion drams or $224 million). As of October1 total capital of the bank amounted to 16.5 billion drams ($42.9 million) - the 5th posiiton. Over 9 months of 2009 the bank's retained profit totaled 1.014 billion drams (4th position).