HSBC interested in expanding activities in Armenia

ArmInfo. HSBC Bank is  interested in expanding activities in Armenia. This was stated by  HSBC Executive Director for International Affairs, responsible for  the European and African regions, Christopher Davis during a meeting  with RA Prime Minister Nikol Pashinyan, which was also attended by  HSBC Bank Armenia CEO Paul Edgar and his deputy Aram Pinajyan.

According to the official statement of the Government of Armenia, the  Prime Minister noted that the authorities of Armenia attach  importance to effective cooperation with HSBC and appreciate the  contribution of HSBC Bank, as one of the leading representatives of  the banking system of the Republic of Armenia, to the development of  a banking management culture in the country.

According to the report, during the meeting the parties discussed  issues related to deepening cooperation.  Nikol Pashinyan introduced  reforms aimed at developing the economy of Armenia, and noted that  one of the priorities of the government is to turn Armenia into a  technological country. In this context, he noted that cooperation in  the field of technology could also be promising.

"HSBC is a reliable partner, and the government is ready to discuss  the possibility of expanding the activities of HSBC Bank Armenia and  implementing joint programs," said Nikol Pashinyan.  To recall,  yesterday the meeting of the HSBC leadership with the President of  Armenia Armen Sarkissian took place.  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 y-o-y and quarterly  terms, the bank managed to increase its net profit several-fold.  It  should be noted that HSBC Bank Armenia, representing HSBC Bank plc  Group in Armenia, has been operating since June 20, 1995. HSBC Bank  shareholders Armenia are HSBC Europe BV - 70% and Wings Establishment  - 30%. 7 branches of the bank are located in Yerevan alone.