Money transfer volume by Unistream system to reach $650-670mln by end of 2007

YEREVAN, December 12. /ARKA/. The volume of money transfers effected by means of the Unistream system is to reach $650-670mln by the end of 2007. The Unibank’s public relations department reports that the volume of money transfers effected by means of the Unistream system reached $584mln in January-November 2007 – a 1.6-fold increase compared to the corresponding period last year. Thus, the Unistream system covers 50% of Armenia’s money transfer market.

The Unistream system is the leader in the Commonwealth of Independent States (CIS). The reason for the increase in its turnover is prompt money transfers and low interest rates. In case of AMD money transfers no interest is collected from recipients.

The Unistream system is currently working in 80 countries. The system covers about 25% of the CIS market, and its expected turnover is $4bln in 2007.

In 2001, the Unibank of Armenia introduced the Unistream money transfer system, which operates using the facilities of the Unistream bank, a daughter bank of the Moscow-based Uniastrum bank.

The Unibank was founded in Yerevan in 2001. The Uniastrum Asset Management Ltd holds 50% of the bank’s stock. By September 30, 2007, the bank’s assets had amounted to 47.4bln AMD, total capital reached approximately 8bln AMD, and net profit 1.2bln AMD (January-September 2007). The balance profit on the capital account exceeded 2bln AMD ($1 – 303.50 AMD).  –0--