YEREVAN, September 19. / ARKA /. HSBC Bank Armenia expects its consumer loans to grow by $300,000-$400,000 a month, Armen Barseghian, head of the bank’s retail banking services, told a news conference today.

He said the bank plans to provide $300,000-$400,000 loans this month and hopes that the rate will continue until the end of the year. Barseghian said the bank resumed provision of consumer loans last December.

"We are actively working at this market and plan to expand consumer lending," he said, adding that today the consumer loan portfolio of the bank is about $700,000.

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

According to ARKA’s data, as of June 30, 2011 the bank’s outstanding aggregate loan portfolio totalled 90.8 billion drams, the fifth largest in Armenia's banking system. ($ 1 - 375.3 drams).-0-