HSBC Bank Exits Armenia, Says Mesrop Arakelyan

Mesrop Arakelyan, co-founder of the 'Living Country' party, shared the following on Facebook: "HSBC Bank Armenia, the only bank in the country with Western capital, is completely ceasing its operations in Armenia. The bank began its activities in Armenia in 1995, just months after the first Nagorno-Karabakh war, during a time of numerous economic challenges.

And now, a government that narrates tales of unprecedented economic success all day long is unable to retain one of the world’s leading banks. This reflects the perception of business confidence in the authorities, which will lead to a plethora of new problems. In particular, foreign potential investors will have numerous concerns after hearing this news. They might think: 'So much for being a regional crossroads. What you’ve built is at best a one-sided tunnel.'"