Global finance journal considers HSBC Bank Armenia best local bank in 2008

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27.05.2009, 00:05

The Global Finance journal has considered HSBC Bank Armenia the best local bank in the nomination the Best Bank in Asia in Emerging Economies in 2009. The journal considered HSBC Group the best bank in Asia.

YEREVAN, May 26. /ARKA/. The Global Finance journal has considered HSBC Bank Armenia the best local bank in the nomination the Best Bank in Asia in Emerging Economies in 2009. The journal considered HSBC Group the best bank in Asia.

The journal took into account several banking criteria when choosing the winners, particularly growth in assets, profitability, geographic reach, strategic relationships, new business development and product innovation, the HSBC Bank Armenia press service reports.

The world’s best banks were chosen based on a survey carried out by the editors of the Global Finance, top analysts, corporate directors and consultants.

The results of the annual survey were published in this month’s issue of the journal.

Established on September 25, 1995, HSBC Bank Armenia is a joint venture between the HSBC Group, which has a 70% ownership, and members of overseas Armenian businesses. The bank has 10 branches in Yerevan.

According to ARKA News Agency’s preliminary information, as of March 31, the bank’s assets and liabilities amounted to 128.2bln drams and 113.4bln drams respectively, with its total capital reaching 14.9bln drams. The bank’s loan investments and liabilities to clients amounted to 74.1bln drams and 94.03bln drams. The bank posted 638.9mln drams worth net losses in Q1 2009. ($1- 371.70 drams) Z. Sh. –0--

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