Tuesday, November 5 2013 19:02
Ameriabank and Ucom Company launching co-branding card product
ArmInfo. Ameriabank and Ucom Company have launched a co-branding card product. From now on, Ucom subscribers will get a credit line to purchase electronic and household appliances. A press conference was held on 5 November to present the new credit product.
The holders of the given credit card will be able to borrow up to 400,000 drams for a period of up to 1 year. Electronic or household appliances can be acquired from the following stores: Zigzag, Aray, Technolife, Fine, and Vega. The list of the stores will be expanded later along with the spectrum of the services provided the given cardholders.
Ucom LLC Commercial Director Aram Barseghyan said the borrowers will have to redeem only 6% of the annual interest of the credit, the remaining amount will be repaid by the company. However, Barseghyan did not mention the interests size.
"All the subscribers of Ucom's Three in One service will be able to use the credit line. If they have been using one of the given three packages: Triple Play Classic, Triple Play Rock or Triple Play Jazz - for over 6 months, the credit will be provided to them without commission fee for the service and additional documents on incomes," Aram Barseghyan said.
Ameribank CJSC Director for Retail Banking Arman Barseghyan, in turn, said 2,000 local cards ArCa will be issued at the first stage of the co-branding project. Later, the number of cards will be increased, including through issue of international cards.
Ucom Director General Hayk Yesayan said that the company had announced similar actions also before and provided an opportunity to its customers to buy appliances on affordable prices. However, the decision to issue a co-branding card was a result of the growing market.
"We have given our customers an opportunity to choose the appliances they need," Yesayan said. He is sure that at least 12,000-15,000 customers out of 60,000 will be able to use the new service.
Ameriabank CJSC is a universal bank offering corporate, investment and retail banking services in a comprehensive package of banking solutions. In Nov 2011, Ameria Group became the majority shareholder of the bank with 99.99% shares. The bank took the third position in the banking system of Armenia as to the funds on credit cards for 9 months of 2013 (9.2 bln drams or 5.8% of the total credit portfolio, with a 28.5% growth for Jan- Sept).
Ucom" telecom company that was founded in 2007 has built up the first FTTH (Fiber to the home) Network in Armenia providing convergent Triple play services including Internet, IPTV and fixed line telephony with the support of Ericsson Company. In addition company provides a number of network and other services to businesses and households. Head of the State Revenue Committee Gagik Khachatryan is the final beneficiary of the company. On 4 November 2-13 the Public services Regulatory Committee licensed Ucom to provide 4G mobile internet connection (801-811/842-852MHz). The company's equity capital totaled nearly $9.8 mln and assets totaled $37.6 mln as of 1 Jan 2013. The company's liabilities amounted to $27.7 mln, including $4.8 mln short-term bank credits and borrowings.
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