Monday, September 5 2011 12:57

Areximbank-GPB Group offers a new product -intangible metal accounts


ArmInfo. Areximbank-Gazprombank Group offers its customers a new way to insure money against currency risks through creation of non-cash metal accounts, the bank's press-service told ArmInfo.

The bank announces that intangible metal account is assigned for calculation and non-cash transactions of gold, considering only the gold's standard and weight. The Bank provides you the opportunity to open an IMA or transfer the current account to IMA based on your application, to convert the account cash into gold (intangible gold), as well as to enjoy the following benefits:

Revenue from growth of gold prices in international markets;

Reducing the impact of exchange rate fluctuations;

Ability to avoid fraud and misleading while purchasing tangible gold;

Eliminate the possible risk of loss or damage to the tangible gold;

Time saving and fast sale of gold: you can at any time sell the intangible gold to the Bank at the exchange rate set for the moment. Opening of metal account is free of charge. Minimum account balance is 0 gram. Maintenance fee is charged quarterly, at the beginning of each quarter, provided that the fee for accounts opened during the quarter is charged at the beginning of the following quarter. The Bank determines purchase and sale rates of 1 gram of gold for cashless transactions on the accounts. The gold is withdrawn from the metal account by selling at an exchange rate set by the Bank or by transfer to other non-cash gold accounts. Non-cash sale of gold is performed on the basis of the submitted application.

To recall, Areximbank-GPB Group launched activity in Armenia in 1998. It is a subsidiary of Gazprombank, Russia. As of August 30 2011 the bank served 54341 customers, including 52506 individuals and 1835 corporate customers. The bank serves 15 subdivisions, including 6 in Yerevan and 9 in the regions.
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