Fora Bank opened a representative office in the Armenian capital Yerevan in June. Kommersant was the first to draw attention to the organization’s message. It is in the top 80 by assets.
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Fora Bank opened a representative office in Armenia
The press service did not disclose any details about the bank’s work in the republic. Zaven Harutyunyan was appointed head of the representative office.
In particular, Fora Bank is developing cross-border money transfers, including to Armenia. Its partners include seven banks, including one of the largest banks in Armenia, Ameriabank, according to the bank’s website.
Fora Bank charges a 1% commission on transfers. Outgoing transfers are made only in Russian rubles. It is possible to send a transfer from Armenia from a card of a partner bank, regardless of the account currency (AMD, rubles, dollars or euros), with subsequent conversion to rubles.
Gennady Shinin, head of the B1 financial institutions cooperation department, believes that small banks will be more interested in entering foreign markets, as they see in it the potential for profitable business.
- As of March 30, 2024, most Armenian banks have stopped providing services with Mir cards. The decision was made due to the risk of secondary sanctions.
- The operator of the Mir payment system is the National Payment Card System. In February, the United States imposed sanctions on the NSPK.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
