Thursday, March 3 2011 20:37
Central Bank of Armenia permits VTB Bank (Armenia) to participate in RIA Money Transfers system
ArmInfo. The Central Bank of Armenia (CBA) has permitted the VTB Bank (Armenia) to participate in the international system RIA Money Transfers. The press service of VTB Bank (Armenia) told ArmInfo that the relevant decision was taken by the CBA Board on 1 March 2011. Earlier VTB Bank (Armenia) and RIA Money Transfers signed an agreement, according to which the Bank becomes the system participant to make transfers in Armenia.
When commenting on the given agreement, Director General, Chairman of Directorate of VTB Bank (Armenia) Valery Ovsyannikov said: "The agreement signed between the VTB Bank (Armenia) and RIA Money Transfers fully meets the policy conducted by the Bank in the sphere of effective development of services and products in retail business. This meets the approved "Strategy of development of the money transfer system in VTB Bank (Armenia) CJSC for 2011-2013". By means of this agreement we are going to considerably expand our presence and increase the Bank's share in the money transfer market of Armenia. Moreover, having a huge clientele base, as well as the largest branch network all over the republic, we are able to competently carry out the interaction with RIA Money Transfers in terms of both logistic-technical cooperation and successful business conduct".
As regards the prospects for further development of the market of money transfer systems, Ovsyannikov said: "The can be neither many nor few money transfer systems in the local market. In the long run, if not everything, then much depends on the choice of the service consumers. With the launch of cooperation with RIA Money Transfers, we intend not only to gain profit due to the growth of the commission income, but also to solve such important problems as expanding the Bank's product range on the basis of up-to-date technologies, providing the population with an opportunity to make use of new alternative systems' services, and, as a consequence, raising the customers' confidence and loyalty to the Bank".
Starting from April 2011, the customers of VTB Bank (Armenia) will be able to make use of RIA Money Transfers services at any of the 68 branches of the Bank in Yerevan and in all regions of Armenia.
As of 1 March 2011, 8 money transfer systems operate in VTB Bank (Armenia): RIA Money Transfers, SWIFT, MoneyGram, Migom, Blizko, Inter Express, Anelik, and Bystraya Pochta.
To note, RIA Money Transfers is an international money transfer system having locations on more than 110 countries of the world.
To recall, VTB Bank (Armenia) became a member VTB Group in April 2004. At the moment the second largest bank in Russia, VTB Bank OJSC owns 100% of shares of VTB Bank (Armenia). The bank traditionally occupies the leading positions in the Armenian banking system by a number of parameters. The bank has the largest branch network in Armenia: 68 branches, of them 24 in Yerevan, 44 in the regions of the republic.
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