ArmInfo. The presence of HSBC in Armenia is significant, and it is important that HSBC Bank Armenia continue its further activities. This opinion was expressed on September 18 by Armenian President Armen Sargsyan at a meeting with HSBC Executive Director for International Affairs, responsible for the European and African regions, Christopher Davis and HSBC Bank Armenia Chief Executive Officer Paul Edgar.
"The entry into Armenia in the early 1990s of HSBC Bank, operating according to high international standards, had a great influence on the formation of an appropriate culture in the financial and banking system of the country. We value the contribution of HSBC Bank, and it is important that it continues its activities in the future in Armenia, "the President of Armenia emphasized.
Christopher Davis, in turn, stated that HSBC has implemented the best standards in Armenia, and the team of HSBC Bank Armenia employees is considered one of the best trained.
The parties exchanged views on the activities and upcoming programs of HSBC Bank Armenia. According to the Financial Rating of the Banks of Armenia as of July 1, 2019, prepared by ArmInfo IC, HSBC Bank Armenia's assets amounted to $ 410.5 million, in the structure of which credit investments accounted for over 64% or $ 263.4 million. Corporate loans dominate in the bank's loan portfolio - about 71%, mainly concentrated in areas such as trade, industry, catering / services, in terms of the amount of financing which holds a position in TOP-5.
HSBC Bank Armenia completed the first half of 2019 with a net profit of $ 2.8 million, the bulk of which the bank secured for the II quarter. In annual and quarterly terms, the bank managed to increase its net profit by several times.
It should be noted that HSBC Bank Armenia, representing the HSBC Bank plc Group in Armenia, has been operating since June 20, 1995. HSBC Bank Armenia shareholders are HSBC Europe BV - 70% and Wings Establishment - 30%. A small number of bank branches - only 7, is explained by the very active use of remote methods of customer service and the digital transformation of banking services.