OREANDA-NEWS. December 30, 2009. Credibility with government agencies is a major reliability and stability indicator of the Bank. In yet another demonstration of their trust the Ukrainian Retirement Fund and Ministry of Labour and Social Policy have extended their tripartite agreement with VAB Bank, authorising it to disburse retirement and other social allowances across 22 oblasts of Ukraine and in the Autonomous Republic of Crimea, until 1 January 2011.

The decision to prolong cooperation was made by the Ukrainian Retirement Fund’s jury based on the opinion by the National Bank of Ukraine regarding financial position of VAB Bank and its economic performance over the past six months.

According to Mr Anton Shaperenkov, head of retail product development department of VAB Bank, the Bank’s social programme has been tuned in line with progressive international standards and seeks to account of most of customer expectations.

“Opening and service of a social account with VAB Bank is free of charge; cash is credited the same banking day.   Holders of social cards are free to receive their pensions at ATMs of VAB Bank and of the ATMosphere network, as well as to put more cash on their accounts.  In taking care of our clients’ wellbeing we work to offer them a variety of attractive solutions.  One of them is a higher-than-average interest rate – 14% pa – accrued on the balance of funds on social accounts.  Furthermore, customers who receive social allowances via VAB Bank have an opportunity to automatically place their cash on a deposit with extra interest points,” Mr Shaperenkov commented.

VAB Bank has been offering service of social disbursements since 2002 making it easier for clients to receive their retirement and other social allowances.  Since the beginning of this year, the number of social accounts with VAB Bank showed a 30% growth reaching presently nearly 16,400.  All this signifies higher level of trust displayed by our clients and high attractiveness of the Bank’s social programme.