Yerevan /Mediamax/. “HSBC Bank Armenia” presented a new branch “Garegin Njdeh” in Yerevan today, located at 14 Bagratuniats str.##

Mediamax reports that the Chief Executive Officer of “HSBC Bank Armenia” Tim Slater stated that the opening of another branch consolidates the intentions of the bank on extending its branch network.

In May, the National Service Center of “HSBC Bank Armenia” will be opened at Komitas Avenue, which will become the Head Office of the bank with the staff of 180 employees.

“We believe that Armenia has a chance to become the regional financial center and we consider the opening of the Head Office in the given context”, Tim Slater stated.

Two more branches will be opened in Yerevan in August, and in the end of the year the bank will take up provision of internet-banking services. In 2009, the bank plans to open two branches in Vanadzor and Gyumri.

The Deputy Chairman of the Central Bank of Armenia Artur Dzhavadian noted that, entering the Armenian market 12 years ago, “HSBC Bank Armenia” established a new level for the market, due to which the competition strengthened, new banking tools and products were implemented, the service culture improved.

Artur Dzhavadian informed that the HSBC Group has plans on establishing an insurance company in Armenia, which will be put into operation in the course of the nearest two years. Tim Slater noted that the new insurance company will provide services of pension deposit insurance and life insurance.