HSBC Bank Armenia advises its customers to be more conservative ahead of a possible new global crisis

22 November, 2011

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.

ARKA

Last updated on: 29/11/2011 14:00