YEREVAN, April 14. /ARKA/. "HSBC Bank Armenia" CJSC (HSBC Armenia) will be allocating AMD15 million to COVID19 relief and recovery effort in Armenia, the Bank said today in a press release.. It said the funds will be donated to the Armenian Red Cross Society (ARCS), which will identify the most pressing humanitarian needs of vulnerable groups in the country and provide both immediate as well as medium and long-term response.

“From the start of its operations in Armenia back in 1996, HSBC Armenia has always stood by the side of the most vulnerable in the country. In these challenging times our donation will help address the needs and mitigate the hardships of the most affected groups in Armenia. In order to achieve this, we are working with our long-standing partner Armenian Red Cross Society, which is one of the leading experts in disaster relief in Armenia and globally,” said Irina Seylanyan, HSBC Armenia CEO.

COVID-19 assistance in Armenia is part of HSBC’s USD25 million Disaster Relief Fund aimed at supporting the international medical response, protecting vulnerable people and ensuring food security around the world. Of this figure, USD15 million is already being put to good use for immediate response in different countries, with the remaining USD10 million set aside for long-term COVID-19 commitments.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 65 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of USD2,715 billion as of 31 December 2019, HSBC is one of the world’s largest banking and financial services organisations.

HSBC Bank Armenia cjsc was established in 1996. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and a member of overseas Armenian business with 30 per cent ownership. HSBC Armenia serves around 30 000 customers through eight offices located in Yerevan and around 362 employees. As of 31 December, 2019, the Bank has assets of AMD270 billion including the ones, allocated with the mediation of the HSBC Holdings plc. -0-