YEREVAN, March 9. /ARKA/. VTB Bank (Armenia) reported today a growth in remittances made in 2016, saying in a press release that their amount grew by 6% from the previous year, despite a decline in the overall amount of remittances. The Russian-owned bank accounted last year for 13% of all remittances.

The growth was attributed to emergence of new bank products, streamlined process of sending and receiving remittances, as well as to active marketing policy. In particular, the growth was facilitated by the launch of a single corridor / tariff for VTB Group within the Unistream money transfer system.
Customers are able to make money transfers to VTB Group banks in Georgia, Ukraine, Kazakhstan and Armenia at the reduced tariff of 0.9% instead of the standard market rate of 1.5%.

Other factors contributing to the growth were increased remittances through the BEST money transfer system and a string of incentive measures conducted in conjunction with other money transfer systems.
The bank also actively promoted the VTB-Transfer service, allowing the transfer of remittances to clients’ cards by calling the Call Center without the need to visit the bank's branches.

VTB Bank (Armenia) also expanded the range of interaction with money transfer systems by connecting to the new local money transfer system TelCell acting as a settlement bank for it.

VTB Bank (Armenia) was entirely acquired by Russian VTB Group in 2004. It runs 67 branches in Armenia.-0-