The General shareholders’ meeting took place at Unistream to review the 2008 results


OJSC Unistream Bank held its general shareholders’ meeting on June 29, 2009. During the meeting, Unistream Bank’s operational and financial results for 2008 were reviewed and approved. Unistream Bank operates an international money transfer system.

During the meeting, it was reported that in spite of the global financial crisis, which began in earnest during the second half of 2008, Unistream Bank demonstrated growth both operationally and financially.

It was reported that in 2008 the number of transactions increased by nearly 50 percent to approximately 5.5 million.

In 2008 volumes reached RUR121.7 billion, approximately 30 percent higher than in 2007 when volumes were RUR93.7 billion.

It was reported that Unistream Bank began 2009 with over 70,000 outlets worldwide, through signed partnership agreements with approximately 300 financial institutions.

Its own network in Russia grew to approximately 300 outlets which generated over 30 percent of the bank’s volumes.

The shareholders decided to pay dividends of 20 percent of the 2008 profit.

“In 2008, the market situation as a whole was complicated by global financial turmoil. However, incredible growth rates achieved by the (Unistream Bank money transfer) system, an intensive program of development as an ambitious international player, as well as the successful realization of all its planned projects, made it possible (for Unistream Bank) to reach new financial and operational levels. This has created a solid basis for further rapid development in 2009,” said Gagik Zakarian, Chairman of the Board of Directors of Unistream Bank.

He pointed out that 2008 became the first year that the company has paid dividends.

Zakaryan said also that the system’s management plans to keep growth rates high in 2009.

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