YEREVAN, March 18. /ARKA/. Armenian banking system significantly developed in the last years”, Financial Director of HSBC Bank Armenia Gevorg Tarumyan said.

Today banking is highly competitive business in the country. The best indicator of the assessment of the situation and assessment of the banking system is world financial-economic crisis.

By the results of intermediate reports of the Armenian banks for the forth quarter of 2010 total assets of the banks were 1 567.5 billion drams on December 31, 2010 increased by 16.74%, volume of total liabilities – 17.12% to 1 237.2 billion drams, volume of credit investments - about 918 billion drams versus 723.1 billion drams at the beginning of the year – increase by 26.96%. In 2010 the income of the banking system of Armenia was 33.7 billion drams increased 2.4 times versus 2009, total capital was 330.3 billion drams increased by 15.33%.

As of December 31, 2010, 21 banks were operating in Armenia. –0—