UNIStream, Asaka Bank sign partnership agreement


UNIStream International Money Transfer System has signed a partnership agreement with the Asaka State Joint-Stock Commercial Bank, a source in UNIStream told UzReport.

The source said that as a result of the ratification of the said agreement, customers will be able to gain access to UNIStream money transfer services in full volume at all branches of Asaka Bank.

Commenting on the agreement, Director General of the UNIStream money transfer system Souren Hayriyan said it had was of special importance both for the system and for the whole market of money transfers within CIS, where the system holds 25% share.

"This agreement is an important step of our strategy, aimed at the development of partnership network, expanding the number of UNIStream service points and increasing money transfer volumes," Ayriyan said. "Asaka Bank is among the largest banks of Uzbekistan, with a broad service network: from Tashkent to Samarkand. In Asaka Bank, we see a serious and strong partner. Together we can strengthen our positions not only in Uzbekistan, but in the whole Asian region," he added.

Ayriyan specifically emphasized the importance of developing the Uzbek corridor for the system. "Today the CIS market for money transfers is growing at high rate, demonstrating over 70% yearly. And Uzbek market is one of the most fast developing ones," he said adding that in 2006 the system's turnover in Uzbekistan grew more than 6 times from US$24 million in 2005 to US$146 million as of 1 January 2007.

The number of UNIStream's service points in Uzbekistan has so far exceeded 100. After the signing of the agreement with Asaka Bank their number has increased by 70.

The system currently has over 25,000 service points around the world, and its total turnover made up US$1.85 billion in 2006, against US$750 million in 2005. In Uzbekistan, UNIStream cooperates with Khamkor Bank, Trust Bank, Parvinabank, and Alp Jamol Bank.

UzReport.Com, Business Information Portal.


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