Second wave of crisis in Armenia unlikely, HSBC Bank CEO

05.03.2010 18:39
Second wave of crisis in Armenia unlikely, HSBC Bank CEO

YEREVAN, March 5. /ARKA/. Astrid Clifford, Chief Executive Officer of HSBC Bank Armenia CJSC, said today there are some signs of stability in the Armenian market and a second wave of crisis is unlikely. As an argument in support of this forecast she cited economic growth reported by many countries in the first month of 2010.

She noted that HSBC Group’s capital adequacy is 18% and deposits have reached about $1 trillion, which she said are a serious guarantee of securing liquidity in the years to come.

“Regarding Armenia we do not see problems for 2010 because the indicators in January were positive. Armenian economy grew by 2.4% in the first month of the year and it is difficult to make forecasts for the whole year by one month’s figures. Nevertheless we can say with certainty that a certain stabilization trend is seen,’ she said.

In her words, the same trend is seen by the example of the bank’s clients. Thus, the demand of corporate clients for credits, especially in February, grew substantially, which indicates the economic activity.

She recalled that HSBC Group was founded in 1865, surviving many crisis, including two world wars, nevertheless it operates and has been profitable, even in the last two challenging years.

‘This is why our forecasts about the overall situation are quite positive,’ she said. -0-


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