Media reports alleging that HSBC is seeking to sell or shrink its business in Armenia are speculations, Diana Gaziyan, the Communications Manager at the bank’s Armenia chapter, told PanARMENIAN.Net on Thursday, January 30.

Reuters cited sources familiar with the matter as saying that HSBC is considering selling its Turkey business amid concerns about the country’s volatile currency and economic outlook. As part of broader cost-cutting measures under interim Chief Executive Noel Quinn, the bank is also seeking to sell or shrink its business in some other markets, including Armenia, the sources reportedly said.

“It’s a speculation, we can neither comment on or react to it,” Gazinyan said about the report.

The Central Bank of Armenia, meanwhile, issued a separate statement, describing HSBC’s activity in the country as a success story and revealing that the Bank has recently applied to the Central Bank for registering a new Director from March.