YEREVAN, February 6. /ARKA/. In an exclusive interview with ARKA, HSBC Bank Armenia CEO, Astrid Clifford, said the bank's assets last year amounted to 179 billion drams, having increased by 23.5 percent from the beginning of the year, liabilities saw a 24 percent rise to around 149 billion drams, its liabilities to clients totaled 120 billion drams, having increased by 14 4 percent.

The total capital exceeded 30 billion drams, a 23 percent increase as compared with the beginning of the year while the outstanding loan portfolio amounted to 108 billion drams, having increased by 26 percent.

She said there is a very tough competition among banks which in an effort to attract new customers reduce lending rates and increase rates on deposits, but still HSBC Bank Armenia remains the leader by size of deposits holding 14% -15% of the market.

‘We're not trying to keep up with the market by reducing the rates, our competitive edge is our high quality services. Our customers should receive the highest services and be happy. Therefore, we do not just lend them money, we are in a constant touch with them to help run their businesses and provide them with consulting,’ she said.

‘Our leading position by size of deposits is due to a large extent to HSBC’s image, so it is very important to maintain it, and we do it by health index (a comprehensive method of studying the brand). As for high profit rate, I would like to note that we do not want to achieve it at any cost. We are very careful in choosing projects that are really profitable,’ she added.

JSC HSBC Bank Armenia is a member of HSBC Bank plc. It was registered in Armenia in 1995. Its shareholders are HSBC Europe BV that owns a 70% stake and Wings Establishment (30%). HSBC Bank Armenia joined NASDAQ OMX Armenia stock exchange in 2009.

At the end of 2011 its assets totaled 179 billion drams, total capital exceeded 30 billion drams, and the total credit investments reached 108 billion drams. Its profit before tax amounted to 8.3 billion drams ($1 - 388, 20 drams). -0-