The Central Bank of Russia has classified Unistream as a universal bank under the new banking licensing rules.
The new law on banks and banking activities, introduced in 2017, defines two types of the banking license in Russia, universal and basic. The universal one gives the broadest scope of permission to its holder. Universal banks have the right to make international transactions and establish branch offices in foreign countries. This license type also makes available a wider range of banking services in general. Since 2018, in order to retain the universal status, Unistream has maintained its charter capital on the level of over one billion rubles.
“Compliance with universal license requirements is vital for Unistream to continue its successful development,” said Gagik Zakaryan, Unistream Chairman of the Board. “The license promotes the creation of the best banking products and provides all business segments with secure and high-quality services.”
According to the statement from the regulator, the Central Bank of the Russian Federation, Unistream meets the requirements set by article 11.2, part 4 of the Federal Law “On Banks and Banking Activities”.
Unistream has been actively developing its international money transfer system. The bank has been focused on its online- and bi-currency transfers; in 2018, Unistream Online exceeded 4 billion rubles in volume. At the moment, the overall turnover of the money transfer system amounts to 227 billion rubles. As reported by the Central Bank, every third cross-border remittance from Russia to the CIS is made via Unistream. The share of the system on the Russian market in terms of money transfers is 30%. The bank is under joint control of Gagik Zakaryan and George Piskov, the major shareholders.