YEREVAN, October 20, /ARKA/ Since its launch in 2007, 1500 children from underprivileged communities in Armenia have benefited from HSBC Global Education Trust’s “Future First” program, a press release by HSBC Bank Armenia said.

It said this USD 10 million program has reached out to more than 344,000 children in 45 countries over the past 5 years. In total, AMD 55 million has been directed towards the implementation of education projects in Armenia through local NGOs.

Among the grant application winners are: 2010 – “Full Life” and “Future is Yours”; 2009 – “Children of Armenia Fund” (COAF); 2008 – “Junior Achievement of Armenia” (JAA). All four NGOs work directly for the well-being of underprivileged children, providing access to vital education and life skills, aimed at delivering support and a lasting impact in the lives of children in care.

“At HSBC we are convinced that investing in education is central to sustainable development and one of the most powerful instruments known to reduce poverty and inequality. I am proud that HSBC makes it possible to create lasting change in Armenia, by enabling children from marginalized and disadvantaged communities to access opportunities for their own advancement”, said Astrid Clifford, Chief Executive Officer of HSBC Armenia, on this occasion.

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. It has 9 branches and offices in Yerevan, as well as 50 ATMs located throughout the city.

According to ARKA news agency’s data, on September 30 the bank’s total assets grew to 127.8 billion Drams, its liabilities stood at 104.8 billion Drams, the total capital was worth 23 billion Drams, credit investments reached 83.6 billion Drams and deposits were worth 99.5 billion Drams. In the first nine months it earned 3 billion Drams in net profits.-0-