YEREVAN, May 4, /ARKA/. HSBC Bank Armenia expects to earn $11 million in profits this year, its CEO Astrid Clifford said in response to a question from ARKA news agency today.

Speaking at a news conference she said the bank’s development plan is drafted at the beginning of the year and as of today it was ahead of it hoping to earn more than projected. She said the bank plans to shift the focus this year on servicing businesses, crediting and trade financing as the country’s economy is recovering.

‘We see quite a big activity on part of enterprises which is very encouraging and we think that the bulk of profits will be earned from providing our services to and crediting corporate customers,’ she said.

HSBC Bank Armenia cjsc was the first international bank to open in Armenia in 1996. The bank is a joint venture between the HSBC Group, which has 70 percent ownership, and members of overseas Armenian businesses. The bank offers a wide range of products and services to individual as well as corporate customers, including personal financial services, commercial banking and treasury and capital markets services. Thanks to the HSBC network in 88 countries and territories, the bank is uniquely positioned to provide truly international services for its customers. HSBC Bank Armenia cjsc has 9 branches and offices in Yerevan, as well as 50 ATMs located throughout the city.

On March 31 its total assets were worth 138.8 billion Drams, liabilities grew to 120.8 billion Drams, its total capital stood at about 18 billion Drams, chartered capital - at 7.6 billion Drams and aggregate credit investments at 67.3 billion Drams. In the first quarter of 2010 it earned 934.5 million Drams of net profits. ($1 – 384.47 Drams). -0-