YEREVAN, June 23. /ARKA/. Following the market demand HSBC Bank Armenia announces the launch of its unallocated gold account services, the bank’s press office reported on Thursday.

“The new service is available and beneficial for both individual and corporate customers as an alternative investment tool. It allows customers to purchase and accumulate unallocated gold, meanwhile giving an opportunity to effect various transactions on the account, including exchange and remittances at any point of time,” the press release says.

Unallocated gold, or funds available on metal account, is a “paper” gold which is backed by the general stock of physical gold maintained in London by a member of the London Bullion Market Association. The gold is reflected in troy ounces and is of 999.5 purity.

“Apart from being a precious metal for jewelry, gold is an investment and wealth management tool. Increase in a gold price during the last several years increased the interest and demand of investing in gold”, - Irina Seylanyan, Deputy Chief Executive Officer HSBC Bank Armenia cjsc said.

HSBC has over 140 years of proven expertise in the precious metals market, and is one of the world's leading metals trading houses. HSBC Bank USA is the key metals risk management arm of the HSBC Group and all HSBC offices worldwide.

As a full member of the London Platinum and Palladium Market (LPPM) and a member of the London gold and silver fixes, HSBC Bank USA is the only firm that is a member of all the London daily precious metals fixings. HSBC is also a founder member of the London Bullion Market Association (LBMA).

HSBC Bank Armenia, a member of HSBC Bank plc, was registered on September 25, 1995. HSBC Europe BV holding company holds 70% of the bank’s shares, and the remaining 30% belong to Wings Establishment. In late January 2009, HSBC Bank Armenia joined NASDAQ OMX Armenia Stock Exchange. -0--