YEREVAN, December 2. /ARKA/. HSBC Bank Armenia and Cascade Insurance start selling insurance products, HSBC Bank Armenia CEO Astrid Clifford said Thursday at a news conference.

The strategic partnership agreement has been approved by the Central Bank of Armenia.

She said that the bank would start selling insurance products such as property insurance, motor insurance including CASCO and compulsory motor third party liability insurance, personal accident insurance, travel insurance and medical insurance.

“From Monday customers will be able to go to branches of HSBC Armenia and have both their banking and insurance needs served at one location,” Clifford said. “We look forward to this cooperation and to providing excellent services to our customers.”

Garnik Tonoyan, Chief Executive Officer of Cascade Insurance ICJSC, said that this partnership is the first of its kind in the financial industry of Armenia.

“Thanks to this type of close business relationship between the insurance and banking sector, the level and quality of financial services will see a substantial increase,” he added.

HSBC Bank Armenia cjsc was the first international bank to open in Armenia in 1996.

HSBC Europe BV holds 70% of HSBC Bank Armenia’s shares, and the remaining 30% belong to Wings Establishment. HSBC Bank Armenia became a member of NASDAQ OMX Armenia Stock Exchange in late January 2009.

Founded in 2004, Cascade Insurance ICJSC offers a comprehensive range of insurance services throughout Armenia.

The shareholders of Cascade Insurance are Cascade Capital Holdings CJSC – 65%, and EBRD (European Bank of Reconstruction and Development) – 35%.

The Cascade Insurance’s capital amounts to AMD 1.2 billion. ($1- AMD 358.73). -0-