YEREVAN, December 2. /ARKA/. HSBC Bank Armenia cjsc was named “Bank of the Year in Armenia” by the The Banker magazine in the category "Bank of the Year Awards 2011," HSBC Bank Armenia said today in a press release.

During the official ceremony that took place on Thursday, November 30, 2011 in London, HSBC Bank Armenia Board Member Mark Emmerson received the award. Total of six awards were received by HSBC, which included HSBC Group being named "Bank of the Year 2011" globally.

Now in its 12th year, The Banker awards have become one of the most prestigious events within the industry. Criteria for choosing the winners included growth in assets, profitability, shareholder returns, strategic relationships, customer service, competitive pricing, innovative products and the level of support for small and medium businesses in the post-crisis period. The survey results will be published in the December 2011 issue of “The Banker” magazine.

“Receiving an award from such a prominent institution as The Banker magazine is another endorsement of the success of our strategy: targeted business expansion, introduction of innovative products and services, effective capital risk management, and strong cost control in all areas, for the benefit of our customers and other stakeholders”, - said Astrid Clifford, Chief Executive Officer HSBC Bank Armenia cjsc.

Financial Highlights of the bank as at 30 September 2011: Net profit totaled 4.6bln drams with 53% increase on the same period in 2010; Return on equity: 24.35%, 3.36% points increase on the same period in 2010; The amount of paid taxes totaled AMD 2.5 billion, a 169% increase on the same period in 2010; Total assets increased to AMD 174 billion, a 20% increase on 31 December 2010; Gross customer loans totaled AMD 103.8 billion, a 20.7% increase on 31 December 2010; Customer deposits totaled AMD114.5 billion, a 9.3% point increase on the same period in 2010.

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--