UNIStream Q1 2007's results

The analysis department of the international money transfers system UNIStream reported that the system has processed transactions worth $496 million in January-March of 2007.

It is a 117% increase compared with the same period of 2006 when the amount of transactions reached $239-million.

Commenting on the issue, the CEO for UNIStream, Souren Hayriyan noted that the system entered 2007 as an independent business.

"The significant growth is yet another confirmation that the leadership's decision to transfer the system in a separate business from the department of Uniastrum Bank, is the right one," said Hayriyan.

He also reported that in the first quarter the system demonstrated significant increases on all its money transfers corridors.

46 new partnership agreements was signed during the period - 25 with Russian banks, 16 - with financial institutions from the CIS and 5 - world wide.

The system finished Q1 with a 250 - portfolio of partners against 200 at the end of 2006.

"We steadily kept realizing our strategy with the focus of transformation of the company into an international money transfers system. In line with this, our own network started its operations in the island of Cyprus. That, we believe, will open new promising corridors within the EU," Hayriyan said.

Currently, the system controls over 25% of the CIS money transfers market, planning further expansion in both CIS and world wide. UNIStream is number one company in Armenia [Republic of], number two in Ukraine and Kyrgyzstan.

Hayriyan said that in 2007, the system plans to step up the amount of transaction to $4 billion, with the number of partners exceeding 400 globally.

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