YEREVAN, November 22. /ARKA/. HSBC Bank Armenia has reopened today its Komitas 1 branch that was idle since June 2009 after it had suspended provision of consumer loans. The reopened branch is located at Renault-Nissan car show hall in Yerevan.

Speaking at the reopening ceremony, HSBC Bank Armenia CEO, Astrid Clifford, said this is the eighth branch of the bank in Yerevan. She said the branch will resume its operation as a universal branch to offer the full range of banking services. She said also in view of the branch’s location, the bank expects its car loans to increase.

Arman Barseghyan, head of HSBC Bank Armenia Retail Banking Department, said car loans will be provided at a reduced interest rate beginning from 13%. He said it is a pretty competitive offer in the current market. These favorable credit terms are available for customers who will buy cars from Renault-Nissan, Ford-Volvo-Land Rover, Peugeot and Chevrolet car show salons.

"Given that we offer car loans at average interest rate of 15-17%, we believe that the preferential interest rate will be decisive in terms of our lending expansion," he said, adding that the bank plans to open new branches next year.

Tigran Simonyan, Muran company’s financial director (Muran is the official representative of Nissan in Armenia) , said the company has been cooperating with HSBC Bank for many years and the reopening of the branch is connected, first of all, with increasing interest towards car loans.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. Thanks to the HSBC network in 88 countries and territories, the bank is uniquely positioned to provide truly international services for its customers. -0-