Total borrowings raised by Vneshtorgbank from the households more than doubled to reach US$500 million at year-end 2002. The Bank owes this achievement to dynamic development of package services to individual customers, which is a priority goal, as well as to balanced interest rate strategy.
Expanded customer base and increased balances on time deposits had a notable impact on the treasury resources. At 31 December 2002, total individual deposits with the Bank were 218,000, whereas balances on deposits reached 14.7 billion roubles, a 172 % rise for the year. Plastic card business outpaced the scheduled development, being issued 175,000 cards and deposited 1.4 billion roubles on card accounts at year-end 2002.
Vneshtorgbank expanded notably its merchant network on international payment cards. At present, it covers over 660 outlets, including 139 cash advance terminals, 166 ATMs and more than 360 supermarkets and shops.
New banking products and services were engineered and launched in 2002, such as opening and handling of euro-denominated accounts for MasterCard payment cards, pegging cards of different international payment systems to one account, VISA International cards for electronic commerce, credit cards for individual clients, sale of VISA TravelMoney Cash Passport cards and their handling, and new time deposit products on competitive market terms.
Traveller`s cheques from foreign issuers and Western Union express money orders were in great demand. Traveller`s cheques were sold for US$55 million, paid for US$10 million, whereas commission earned was over US$0.4 million.
The Western Union outlets established on Vneshtorgbank premises expanded ever more from 27 to 77 in number over the last year. Through active promotion campaign Vneshtorgbank assumed leadershipong Russian commercial banks in terms of Western Union points of service.