“Credit Yerevan” Bank Issues Cashcard of the Eurocard System

YEREVAN (Noyan Tapan)–An agreement signed between the "Credit Yerevan" Bank and the Europay International System enabled the Bank to serve and issue cashcards.

At a presentation held last week–Chairman of Board of Directors of the "Credit Yerevan" Bank Martin Hovhannissian reported that the Bank will issue and serve four kinds of international (Eurocard/Mastercard Mass–Eurocard/Mastercard Business–Eurocard/Mastercard Gold–and Maestro) cards and one local (CY Local) card. It will enable the Bank to perform banking operations inside and outside Armenia. 30 card-service stations are currently operating in Armenia–and the first three cash-dispensers are to be installed in the fourth quarter of 1999.

Director of the Department for Banking Techniques Development Garegin Manachian regarded this change a considerable step toward modernization–and providing clients with the latest services. Pointing out that such services are rendered in Armenia by HSBC–Armagrobank and the "Credit Yerevan" Bank–Manachian is optimistic that other banks will soon start servicing cashcards–and Armenia will have formed a system of cashcard paymen’s.

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