by Erik Abrahamyan
The Central Bank of Armenia (CBA) has approved the participation of VTB Bank (Armenia) in the international Sigue Money Transfer system (SMT). The press service of the CBA has told ArmInfo that the relevant decision was taken at the CBA Council's meeting on March 11.
For the moment, VTB Bank (Armenia) is working under 8 money transfer systems: MoneyGram, Avers, UNIstream, Fast Mail, InterExpress, Intel …xpress, Anelik, Ria Money Transfer. This ensures the Bank's high competitiveness in the market of banking services.
To note, from its inception in 1996, the Sigue family of companies has been dedicated to providing excellence in money transfer services from the United States to Mexico. Through a series of acquisitions, culminating in its largest and most recent acquisition in 2011, Sigue today is the largest privately held global provider of remittance services and one of the top five companies in the money transfer industry. Sigue, as a leading global money transfer company, now has operations in over 145 countries. The company has offices in 15 countries and operational centers in the United States, Mexico and India.
VTB Bank (Armenia) joined VTB Group in Apr 2004 and is fully owned by VTB Bank OJSC, the second biggest bank in Russia. VTB Bank (Armenia) is one of the leaders of Armenia's banking sector. It has the largest branch network - 67 branches all over the country.