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30.07.08 VAB Bank Became Principal Member of MasterCard International
MasterCard International upgraded VAB Bank’s status from an affiliated to a principal member.
According to Natalia Stolyarova, Head of Payment Cards Processing Division, the principal member status is assigned only to financial institutions with stable performance, proven business standing and extensive experience in card business.
“The membership status upgrade with MasterCard International gives VAB Bank the right to make independent decisions regarding the future development of its card business. This will allow the Bank to diversify the product line and range of services provided to both individuals and legal entities, improve its services quality and increase the client base. The Bank will also receive the right to provide other banks with the possibility to join MasterCard payment system under its sponsorship. Today VAB Bank has already started restructuring its system to meet the new environment”, – Natalia Stolyarova noted.
In 2007 VAB Bank implemented the project with MasterCard International upon completion of which the Bank became entitled to merchant acquiring.
Today, after the changeover to microprocessor technologies, VAB Bank issues and accepts smart cards (chip cards) as well as conducts credit cards transactions.
VAB Bank operates within the MasterCard system since 1998 and within Visa system – since 1997. The bank is also a principal member of Visa International since 2004.
As of July 30th, 2008 the total number of cards, issued by VAB Bank exceeded 500 thousand.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group large banks in Ukraine according to NBU. In October 2006, VAB Bank became a member of VAB Group, a full-service financial group. Branch network consists of 25 branches and 148 outlets throughout Ukraine and a representative office in Budapest (Hungary). A large international company, TBIF Financial Services (Amsterdam, the Netherlands), is among the bank's shareholders. Total assets of VAB Bank amounted to UAH 6.7 billion as of 01 July 2008, total capital — UAH 908,6 million.
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