YEREVAN, May 19. /ARKA/. HSBC Bank Armenia has no plans to withdraw from the Armenian market, Central Bank chairman Arthur Javadyan said today. According to him, all the rumors that the bank intends to leave the Armenian market do not correspond to reality.
Speaking to reporters, Javadyan said he had a meeting lately with top managers of HSBC Bank Armenia who consider the bank’s operations in Armenia very successful and have no plans to leave the Armenian market.
He added that contrary to Armenia, HSBC reduces its operations in other countries. In particular, in Russia it has left only its investment unit, having closed offices in Georgia, Azerbaijan, Kazakhstan, and in one of the Baltic countries. According to him, HSBC has also closed 45 branches in Turkey.
HSBC Bank Armenia cjsc was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. in 1996 and was renamed HSBC Bank Armenia cjsc in 1999. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and members of overseas Armenian businesses with 30 per cent ownership. HSBC Armenia serves around 33,000 customers through nine offices located in Yerevan and around 380 employees. -0-
