НSBC bank Armenia gets $100 million credit line form shareholders
10.03.2009,
01:23
The shareholders of HSBC Bank Armenia last year extended a $100mln credit line to the bank as back-up funds, said CEO of HSBC Bank Armenia Tim Slater.
YEREVAN, March 9. /ARKA/. The shareholders of HSBC Bank Armenia last year extended a $100mln credit line to the bank as back-up funds, said CEO of HSBC Bank Armenia Tim Slater.
According to the banker, 2009 is going to be a challenging year for the banking system, but the bank is ready to overcome difficulties and make profits.
In his turn, HSBC Group last year earned $19.9bln worth profits before taxation and goodwill (intangible assets - ARKA). Though lower than in 2007, this is a rather good performance, Slater said, expressing a hope the bank would be the largest profit maker in 2008.
HSBC Bank Armenia was the first international bank to be registered in Armenia on September 25, 1995. The bank is a joint venture between the HSBC Group, which has a 70% ownership, and members of overseas Armenian businesses with 30% ownership.
As of December 31, the bank’s assets and capital totaled 121.8bln drams and 15.5bln drams respectively, with the 2008 profit amounting to 3.9bln drams. The bank’s profit on account totaled 12.7bln drams with 74bln drams worth credit portfolio, compared to 51.7bln drams in 2007. The bank currently has 10 branches.
According to ARKA News Agency, HSBC Bank Armenia is among the leading local banks, ranking second with its assets and having the largest liabilities, total deposits and attracted clients in Armenia.
Besides, the bank ranks fifth for its capital and is the third largest profit-maker in the local banking system. ($1 -360.67 drams). –0--
According to the banker, 2009 is going to be a challenging year for the banking system, but the bank is ready to overcome difficulties and make profits.
In his turn, HSBC Group last year earned $19.9bln worth profits before taxation and goodwill (intangible assets - ARKA). Though lower than in 2007, this is a rather good performance, Slater said, expressing a hope the bank would be the largest profit maker in 2008.
HSBC Bank Armenia was the first international bank to be registered in Armenia on September 25, 1995. The bank is a joint venture between the HSBC Group, which has a 70% ownership, and members of overseas Armenian businesses with 30% ownership.
As of December 31, the bank’s assets and capital totaled 121.8bln drams and 15.5bln drams respectively, with the 2008 profit amounting to 3.9bln drams. The bank’s profit on account totaled 12.7bln drams with 74bln drams worth credit portfolio, compared to 51.7bln drams in 2007. The bank currently has 10 branches.
According to ARKA News Agency, HSBC Bank Armenia is among the leading local banks, ranking second with its assets and having the largest liabilities, total deposits and attracted clients in Armenia.
Besides, the bank ranks fifth for its capital and is the third largest profit-maker in the local banking system. ($1 -360.67 drams). –0--
