Friday, March 5 2010 16:11

HSBC Bank Armenia: Second wave of crisis does not threaten economy of Armenia


ArmInfo. A second wave of crisis does not threaten economy of Armenia, Astrid Clifford, HSBC Bank Armenia CEO, said in a press conference on Friday in response to ArmInfo's question.

She said that economic growth in various counties for the first two months of 2010 shows that no second wave of crisis is expected. A. Clifford said that capital adequacy ratio of HSBC Group is 18% and deposits amount nearly to 1 trillion dollars, which is a serious guarantor of liquidity for the nearing future also thanks to the diversified business model the bank applies in 56 countries.

HSBC Bank Armenia CEO said they do not see any specific problems in Armenia for the indicator for January were quite positive. Thus, in January GDP of Armenia grew 2.4%. Although it is not easy to make forecasts for a year basing on indicators of a month, but certain stabilization in the market is evident, she said. A. Clifford highlighted that similar trends have been observed also among the bank's clients. In particular, she said that in Jan-Feb demand for loans by corporate clients significantly grew testifying to economic activity in Armenia.
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