Uniastrum Board arrived at a decision to transform Unistream Money Transfer System to the bank.
27 Oct 2005
Uniastrum president Gagik Zakaryan made the announcement during the ‘Global Consumer Money Transfers’ conference held in London on 17th and 18th October 2005.Unistream Money Transfer System was launched in 2001. In 2003 its annual turnover was 83 mln. USD. In 2004 it amounted to 260 mln. and as of the 1st October 2005 it exceeded 600 mln. USD. The increase of management effectiveness caused by significant Unistream growth made for the decision to change the system status and transform it to the bank within Uniastrum Group.
The consultant of the project is «Deloitte & Touche».
A new Unistream bank will continue to develop money transfers and at the same time will accomplish client payments for different public services.
The IPO is also one of the important questions for Unistream bank.
‘The creation of Unistream Bank will allow us to make this kind of business more clear to potential investors due to management effectiveness increase and risk diversification. The investment is necessary for creation of the network and brand promotion’ says Gagik Zakaryan, Uniastrum President.
