Yerevan, April 5 /Mediamax/. In 2006, the “HSBC Bank Armenia” demonstrated “record growth and financial performance”.

Mediamax reports that the Chief Executive Director of the Bank Anthony Turner said this during the presentation of the Head Office of the “HSBC Bank Armenia”, which occupies an area of 1500 square meters, located in Yerevan, Terian str 66.

Last year the profit of the bank before the payment of taxes increased for 27%, thus making 4bln AMD ($11.1mln), the assets of the bank made 80,5bln AMD ($221.3mln). By the end of 2006, the volume of the attracted deposits made 70.4bln AMD ($193.8mln).

The credit portfolio of the bank makes $100mln. Anthony Turner stated that this year the “HSBC Bank Armenia” plans to make up for the “lost segment” of crediting of small and medium enterprises, to improve the quality of the products and to implement new services.

According to Anthony Turner, the stable economic growth in Armenia and the improvement of the legislative field contributed to the fact that “we started feeling more confident in the sphere of crediting and, in particular, in the mortgage crediting”.

This year, the “HSBC Bank Armenia” plans to open 3 new branches, making their general number up to 6. It is planned to also double the number of the cash machines – it is expected that by the end of the year the “HSBC Bank Armenia” will have 44 cash machines.