YEREVAN, August 13. / ARKA /. The Central Bank of Armenia said its governor ruled on August 8 to temporarily suspend the operation of HSBC Bank Armenia Republican Square branch.
According to the decision of the governor, the suspension is effective until 20 September 2013. As of the end of June HSBC Bank Armenia had 9 branches.
HSBC Bank Armenia was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. on 1996 and has been renamed into HSBC Bank Armenia cjsc on 1999. The bank is a joint venture between the HSBC Group, which has a 70% ownership, and members of overseas Armenian businesses with 30% ownership. It is one of the leading banks in the foreign exchange market. HSBC Bank Armenia cjsc offers a wide range of products and services to individual as well as corporate customers in Armenia and abroad. The bank is the member of SWIFT and Bankmail payment systems. In 2009 it joined NASDAQ OMX Armenia stock exchange. -0-
