YEREVAN, September 13. /ARKA/. HSBC Bank Armenia is now considering only development programs in Armenia, Ashot Osipyan, chairman of the Union of Armenian Banks, said Friday at a news conference.

According to media reports referring to the HSBC resident office in Georgia, the bank, carrying out strategic revision of its business portfolio, has decided to quit Georgian market before the beginning of 2012.

“HSBC Bank Armenia is successful in Armenia,” Osipyan said answering the question ARKA News Agency correspondent put to him. “Banking laws in Armenia are quite in tune with international standards.”

HSBC Bank Armenia, a member of HSBC Bank plc, was registered on September 25, 1995. HSBC Europe BV holding 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.

According to ARKA News Agency’s data, the bank’s assets totaled AMD 155.2 billion in late June 2011 and liabilities AMD 128 billion. Its total capital amounted to AMD 27.2 billion and authorized capital AMD 10.4 billion. The bank’s credit investments totaled AMD 90.8 billion and liabilities to clients AMD 109.1 billion. The bank earned AMD 2.8 billion in net profits for the first half of this year. (1$ = 371.92). -0-