Thursday, November 20 2014 19:16

Cooperation agreement between ACBA-CREDIT AGRICOLE BANK and VTB Bank (Armenia) opens up new opportunities for their cardholders


ArmInfo. ACBA-CREDIT AGRICOLE BANK and VTB Bank (Armenia), which are in the lead in the number of ATMs, have signed a cooperation agreement. Due to the agreement, from now on the MasterCard and Visa cardholders of the specified banks will be able to withdraw cash from the partner bank's ATMs whereas the commission fee of the issuing bank will be charged.

The press service of ACBA-CREDIT AGRICOLE BANK has told ArmInfo that the agreement provides both banks' cardholders with an access to a wider network of ATMs, and the commission fee for the cash withdrawal will be more affordable for them. In other words, the MasterCard and Visa cardholders of VTB Bank (Armenia) can withdraw cash at the ATMs of ACBA-CREDIT AGRICOLE BANK, but the fee for VTB's ATMs will be charged. On the other hand, the MasterCard and Visa cardholders of ACBA-CREDIT AGRICOLE BANK will enjoy the commission fee for ACBA's ATMs when withdrawing cash at the ATMs of VTB Bank (Armenia).

"The unification of the ATMs of VTB Bank (Armenia) and ACBA-CREDIT AGRICOLE BANK is an important step in the Armenian banking sector. It is aimed at developing the distant service directions. This cooperation will allow enhancing the quality of banking services and ensuring the availability and convenience for the cardholder customers throughout the country. The joint network makes up one-third of the total ATM network of the republic. We are confident that the cooperation will become a serious competitive advantage of ACBA-CREDIT AGRICOLE BANK and VTB Bank (Armenia)", said Yuri Gusev, Director General, Chairman of the Management Board of VTB Bank (Armenia).

"The primary objective of the cooperation between ACBA-CREDIT AGRICOLE BANK and VTB Bank (Armenia) is to considerably expand the ATM network with an affordable commission fee for these banks' cardholders. Giving high priority to the growth of card operations in Armenia, we take regular measures to enhance the attractiveness of the cards as the most convenient tool of payment. At the same time, we take steps to increase the amount of noncash operations by cards and consistently expand the whole card service infrastructure", said Hakob Andreasyan, Chief Executive Officer of ACBA-CREDIT AGRICOLE BANK.

The data on location of the ATMs of ACBA-CREDIT AGRICOLE BANK are available at www.cards.acba.am. As regards the location of VTB Bank (Armenia)'s ATMs, one can learn it at www.vtb.am or via Apple Store and Google Play.

According to the Analytical Review "Armenian Banks in Card Business" by the Agency of Rating Marketing Information (ArmInfo), the total ATM network of ACBA-CREDIT AGRICOLE BANK and VTB Bank (Armenia) numbers 352 ATMs located in both Yerevan and all marzes of Armenia. In particular, as of 1 October 2014, ACBA- CREDIT AGRICOLE BANK had 202 ATMs (110 in Yerevan and 92 in the marzes), and VTB Bank (Armenia) had 150 ATMs (72 in Yerevan and 78 in the regions). The total number of both banks' active cards is almost 530 thsd (over 407 thsd Visa cards and nearly 31 thsd MasterCards).

To note, "VTB Bank (Armenia)" CJSC is a 100% subsidiary of "VTB Bank" OJSC, the second largest bank in Russia. The major shareholders of "ACBA-CREDIT AGRICOLE BANK" CJSC are Credit Agricole S.A. (15.56%) and SJSC "Sacam International" (member of Credit Agricole S.A) with a 12.44% stake. "ACBA CREDIT AGRICOLE BANK" CJSC has been operating in Armenia since 1995, and "VTB Bank (Armenia)" CJSC became a member of VTB Group in April 2004.
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