Yerevan, September 23 /Mediamax/. CEO of the HSBC Bank Group Stephen Green stated in Yerevan today that HSBC intends to enlarge its activities in Armenia and carries out works in that direction.

Mediamax reports that Stephen Green said this in Yerevan today during the meeting with the Armenian President Robert Kocharian. The possibilities of involving HSBC in the insurance market of Armenia and a number of other programs were discussed.

Robert Kocharian noted that the credit portfolio of HSBC occupies an important position in the Armenian economy and expressed opinion that the further activities of the bank, directed to the strengthening of the financial sector of the Armenian economy, will turn out to be effective.

The co-founders of the “HSBC Bank Armenia” CJSC are the HSBC Group - 70%, and the investors representing the Armenian Diaspora.

The bank started its activity in 1996 as “Midland Armenia Bank” JSC. In 1998 it was renamed into “HSBC Bank Armenia” CJSC.