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- Country Name: Armenia
- Assets: AMD 306,609
- Profits: AMD 6,565
- Ownership: 70% HSBC Europe BV,
30% Wings Establishment
- Date Modified: Jul-2015
Syndicated Analyses:HSBC Armenia "Management Team" 08-Jun-2015:
"A founding shareholder of HSBC Bank Armenia cjsc, Mr Manoukian was appointed Chairman of the Board in 1995. He is a London-based investor, commercial developer, philanthropist of international repute and a member of the Board of Trustees of the Hayastan All Armenian Fund."Financial Armenia "HSBC named best bank in Armenia By Euromoney" 15-Jul-2013:
“HSBC trounced its larger rivals in Armenia, giving the sector’s best pre-tax and return on equity result. The corporate franchise remained the primary driver of expansion, but HSBC also gained ground in the valuable premium retail sector”, Euromoney mentioned.HSBC "Certification Regarding Correspondent Accounts For Foreign Banks" 07-Jun-2013:
Indirect Owner Mr Watche ManoukianInternational Finance Corporation "HSBC bank Armenia Summary Of Proposed Investment" 30-Apr-2012:
HSBC Bank Armenia is a joint venture between the HSBC Group, which has a 70% ownership, and Wings Establishment, a company controlled by a UK-Armenian business with 30% ownership.Wikileaks Public Library of US Diplomacy "Armenia Investment Climate Statement, 2010" 26-Jan-2010:
With the onset of the economic crisis in Armenia, a number of banks, including the largest players such as HSBC, suspended all lending, while others began lending at higher rates due to an increased risk of default.Wikileaks Public Library of US Diplomacy "Armenian Banking Sector Gets Serious" 04-Jul-2007:
The financially powerful Armenian communities abroad have played a role in development of the sector. With his own funds, UK-based financier Bob Manukian helped found HSBC Armenia and continues to hold a 30 percent share (and now profits handsomely from his investment).Philly.com "Bet On Debt: Investor Uses Track As Tax Shelter" 31-Aug-1998:
A secretive international financier who made his fortune as an agent for Brunei's royal family has been quietly using Philadelphia Park racetrack as a lucrative tax shelter.
An Inquirer review of financial and court documents shows that Manoukian has used the bedraggled, 418-acre Bensalem racetrack as the centerpiece of an expanding American gambling empire that ships tens of millions of dollars overseas - virtually tax free - to a family company in Liechtenstein, a postage-stamp-size European country renowned as a tax haven.
The Manoukian family's complex financial dealings underwent a rare public airing in London last winter, when Watche Manoukian and his brother Rafi were involved in a bitter lawsuit with a former business partner, Prince Jefri Bolkiah of Brunei, an oil-rich Asian sultanate. Manoukian, who also has acted as an agent for the prince's brother, the Sultan of Brunei, one of the world's richest people, accused the prince of reneging on two multimillion-dollar London real estate deal
The Manoukians, in turn, were accused by a bewigged barrister for Prince Jefri of ``exploiting their close friendship to make unreasonable profits'' while acting as his agents in the purchase of nearly a billion dollars' worth of merchandise
In testimony at the London trial, Manoukian described the shifting of funds to tax havens to avoid high government levies as being ``tax efficient.'' The prince's lawyer called what Manoukian was doing ``washing'' income to avoid paying taxes in the country where he does business.