Armenian Ararat bank becomes direct rep of “Western Union financial services” in Armenia
30.10.2007,
01:44
The Armenian Ararat Bank became the direct representative of the international money transfer system “Western Union Financial Services” in Armenia.
YEREVAN, October 29. /ARKA/. The Armenian Ararat Bank became the direct representative of the international money transfer system “Western Union Financial Services” in Armenia. The press service of the Bank told ARKA that according to the agreement on “International representation” signed with Western Union, Ararat Bank will be able to assist the banks and organizations implementing money transfers in the sphere of instant transfers of individuals.
The agreement allows joining territorial subdivisions of banks and partner-organizations to the Western Union system.
At the same time, the Bank will provide software, advertisement and methodology materials for working in the system of Western Union. Ararat Bank also has the opportunity of training the staff of banks and partner-organizations to work in the system.
Besides, the Bank will be able to implement mutual settlement (of accounts) among banks and partner-organizations on the day of transfer by Western Union, as well as assist forming Western Union service points.
This February Ararat Bank opened the first specialized department of Western Union in Transcaucasus.
The Western Union system started cooperating with Armenian banks on test conditions in 1995. Officially the system has been functioning in Armenia since 1996. At present, 15 commercial banks of Armenia are members of the Western Union money transfer system.
“Ararat Bank” OJSC (legal successor of Armsvyaz Bank) was founded On September 2, 1991. On October 31, 1996, the bank received the banking license N4.
As of September 30, 2007, the assets of the Bank totalled AMD 16.4bln, the capital – AMD 4.5bln, and the profit for January-September – AMD 224.8mln.
Ararat Bank has 8 branches. ($1 – AMD 325.15). L.M. –0--
The agreement allows joining territorial subdivisions of banks and partner-organizations to the Western Union system.
At the same time, the Bank will provide software, advertisement and methodology materials for working in the system of Western Union. Ararat Bank also has the opportunity of training the staff of banks and partner-organizations to work in the system.
Besides, the Bank will be able to implement mutual settlement (of accounts) among banks and partner-organizations on the day of transfer by Western Union, as well as assist forming Western Union service points.
This February Ararat Bank opened the first specialized department of Western Union in Transcaucasus.
The Western Union system started cooperating with Armenian banks on test conditions in 1995. Officially the system has been functioning in Armenia since 1996. At present, 15 commercial banks of Armenia are members of the Western Union money transfer system.
“Ararat Bank” OJSC (legal successor of Armsvyaz Bank) was founded On September 2, 1991. On October 31, 1996, the bank received the banking license N4.
As of September 30, 2007, the assets of the Bank totalled AMD 16.4bln, the capital – AMD 4.5bln, and the profit for January-September – AMD 224.8mln.
Ararat Bank has 8 branches. ($1 – AMD 325.15). L.M. –0--
