Cascade Bank intends to launch a large-scale project on issuing co-branding
cards

Arminfo
2007-03-09 12:43:00

The Cascade Bank intends to launch a large-scale project on issuing
co-branding cards next month, Tigran Hovhannissyan, the Head of the
Cascade Bank’s plastic cards department, told an ArmInfo
correspondent. Saying that it’s a commercial secret, he refused to
give detailed information about the project.

According to T.Hovhannissyan, the Cascade Bank works mainly at new
projects on card business which are being implemented in Armenia for
the first time. Particularly, in 2007, the bank issued chip cards
which allow to increase the security of the cards, as the information
is put directly on the microprocessor. The project is still in a pilot
stage, and 10 cards have been issued. Besides, the bank in planning
to serve local ArCa cards on the territory of Georgia, which is also a
product innovation for the clients.

T.Hovhannissyan noted that in total, the Cascade Bank has issued about
1100 cards, 950 of them are local ArCa cards. In the middle of 2006,
the bank started carrying out transactions by MasterCard international
cards, and in 2007 the bank was permitted by the Central Bank of
Armenia to issue and serve this system’s cards.

Presently, Cascade bank has 4 ITMs but in close the number will grow
to 7. T. Hovhannissyan said that the bank plans to set up ITMs in
regions in 2008.

He said that it is planed to three-fold increase the amount of card
issue making up 3000. "Card business is priority of Cascade Capital
Holding in the work with natural persons. It adds up to the client
base, improves the service quality and extends the amount of services
available – where belong: chip cards, services for local cards outside
Armenia, discounts and bonuses," T. Hovhannissyan concluded.