YEREVAN, November 22. /ARKA/. HSBC Bank Armenia CEO, Astrid Clifford, said today the bank advises its customers to be more conservative ahead of a possible new global crisis. Speaking to journalists after the reopening of a branch in Yerevan she said HSBC Bank Armenia adheres to this principle.

Speaking about the bank's strategy in this context she said no major changes should be expected. According to her, the culture of the structure is conservative enough in itself, so the bank should not change its strategy, and be instead more prepared and informed of ongoing developments.

Ms. Clifford said the bank always gives his clients this advice to help them in the long term to avoid difficult situations, but at the same time the bank is active, opening new branches and expanding its loan portfolio.

She also said no serious changes in the exchange rate of currencies should be expected, which are affected by the amount of money transfers from abroad. According to Central Bank of Armenia, individual remittances to Armenia in September 2011 grew by 14% year-on-year to $180.7 million. According to ARKA data, HSBC Bank Armenia’s aggregate assets stood at 103.9 billion drams as of September 30.

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.  ($1- 384.32 drams). -0-