Central Bank Responds to Information Regarding HSBC Group's Operations in Armenia

The Central Bank of Armenia has responded to recent information regarding the review of HSBC Group's operations in the country.

“In connection with the news published by reuters.com on January 29 regarding HSBC Group considering a review of its operations in the Republic of Armenia, we would like to note that during regular meetings between the President of the Central Bank of Armenia and the management of HSBC Group, the bank's presence and involvement in the financial system of Armenia has been consistently assessed positively. Furthermore, the bank's operations in Armenia are considered a 'success story.'

Additionally, HSBC Armenia has applied to the Central Bank of Armenia as the regulatory body to register a new director who will take office in March,” the statement from the Central Bank reads.

HSBC intends to sell its banking business in Turkey due to concerns about the country's unstable currency and economic outlook. The bank may also sell or scale back its operations in Armenia, Greece, and Oman.

Aurora News informed that this news has been speculated upon and that the bank does not intend to comment on the rumors.