YEREVAN. – The British Financial Times on Monday referred to the HSBC bank strategy in the South Caucasus. Particularly, it discusses why HSBC abandons Georgia but stays in Armenia.

According to the author of the article, the main reason is that 30 percent of HSBC Georgia shares belong to Armenian businessman Vache Manukian. He is also one of the major share holders of HSBC Armenia. Besides, HSBC Georgia had 2 Armenians among the Board of Directors and the rest were foreigners.

The article mentions that Georgia had significant advantages compared to post soviet states according to Chief Executive Officer at HSBC Bank Georgia JSC Anthony Turner. Nonetheless, the bank closed after three years operation.

Such conclusions are one-sided and baseless. The author omits that banking system in Armenia has several advantages. For example, Georgia’s banking system is highly centralized. Two Georgian banks control 60 percent of the banking market, whereas Armenia has no such centralization. Besides, capital income index in Armenia according to Chief Executive Officer at HSBC Bank Armenia Astrid Clifford exceeds not only HSBC Georgia but also HSBC average index generally.

HSBC declared in April that it stops its activity in 20 states and reduces 25,000 positions.