Yerevan, February 23 /Mediamax/. The presentation of the new “Mashtots” branch of “Ararat Bank”, which is the specialized office of the international Western Union money transfer system, took place in Yerevan today.

Mediamax reports that the Executive Director of “Ararat Bank” Ashot Osipian informed that the new branch is established jointly with Western Union and it will be providing services of money transfers of the given international system.

The branch will also be serving municipal payments, small credits and deposits.

During the first 10 days of the work, the branch registers about 20 operations daily by the Western Union system, the first task is to increase the given index up to 50 and then gradually to switch to round-the-clock work routine.

According to the Head of the Western Union on Business in Armenia, Georgia, and Ukraine Mikhail Babirenko, Western Union has been working in Armenia for about 10 years.

“We try to work with such notable partners as “Ararat Bank” and we are going to develop our net through specialized offices as well”, he noted.

Mikhail Babirenko noted that the “Mashtots” branch is the first specialized office of Western Union not only in Armenia, but in the whole South Caucasus region.

According to the assessment of the Chairman of the Armenian Central Bank Tigran Sarkisian, the launching of the specialized office is an evidence of the increase of segmentation of financial services in Armenia, which will lead to the growth of competition and establishment of more auspicious conditions for the customers.