Armenian central bank comments on HSBC bank's intention to reconsider its activity in Armenia

30.01.2020 14:36
Armenian central bank comments on HSBC bank's intention to reconsider its activity in Armenia

YEREVAN, January 30. /ARKA/. The Central Bank of Armenia commented Thursday on a report released yesterday by Reuters about HSBC Bank's intention to reconsider its activity in Armenia. "At their regular meetings, the central bank chairman and HSBC Group managers, have always highly appreciated the presence and involvement of the bank in Armenia's financial system," the regulator's press office says in its news release. "More than that - the bank's activity is assessed in the Republic of Armenia as history of success."

The press office also says that HSBC Bank Armenia has applied to the Central Bank of Armenia to register a new director, who will take office in March.

Earlier, HSBC Group reported about the appointment of Irina Seylanyan as new CEO at HSBC Bank Armenia. She will take office on March 2, 2020 succeeding Paul Edgar. The appointment should be approved by the central bank.

Reuters reported yesterday referring to its sources that HSBC is considering room for selling its business in Turkey amid fears prompted by currency and economic instability in the country. Sources of Reuters also say that the bank also intends to sell or reduce its business also in other markets, particularly in countries with small transactions, where it is necessary to struggle for competition with local players, including Armenia, Greece and Oman.

The press secretary of HSBC has reportedly refrained from commenting the situation.
HSBC Bank Armenia was in 1996 as joint stock company. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and members of overseas Armenian businesses with 30 per cent ownership.

HSBC Armenia serves around 30,000 customers through eight offices located in Yerevan and 392 employees. The bank has assets of AMD213.6 billion as of 31 December 2019 and its total capital amounts to AMD 41.5 billion. ($1 – AMD 478.87). -0-

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