TransCreditBank Becomes 100% Owner of TransCreditCard

TransCreditBank increased its equity ownership in the Company by acquiring a 40% shareholding interest from JSC Russian Railways and a further 30% stake from TransTeleCom (Closed Joint Stock Company). The deals were closed on the 22nd and 23rd January, 2008, respectively.

TransCreditCard (Closed Joint Stock Company) provides to members of TransCreditBank’s group and relationship banks a variety of processing, issuance and support services for international bank cards (with services currently covering over 2.1 mln cards), manages ATM (over 1,500 units) and POS-terminal (over 1,800 units) networks. The settlement system operates on the 24H basis across Russia.

President of the Bank S.N.Pushkin said: “Development of retail business is one of the top priorities pursuant to the Development Strategy of TransCreditBank till 2011. The focus will be on using modern high-tech banking tools, in particular, card-linked ones. Therefore, efficient operations and implementation of development projects by TransCreditCard, as a dedicated structure supporting this area of the Bank’s business, are becoming increasingly important. The decision taken jointly with JSC RZhD regarding CJSC TransCreditCard’s ownership structure will not change key priorities in the Company’s operations, but rather will facilitate implementation of the Bank’s ambitious plans through improved quality of our collaboration”.

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