OREANDA-NEWS. July 01, 2011. VTB24, Bank of Moscow and TransCreditBank have signed an agreement on merging their ATM networks. From 1 July 2011, for all clients of VTB24, the Bank of Moscow and TransCreditBank, the commission for cash withdrawal from the ATMs of these three credit institutions will be abolished*. The current fees of the participant banks will be charged for other operations.

President and Chairman of the Management Board of VTB24 Mikhail Zadornov noted: "The ATMs in the merged network number 10 thousand. This will be a major competitive advantage since, when choosing a bank, clients note in particular the extensive network of ATMs. Cancellation of the commission for withdrawing of one’s own cash is a major step within the scope of the unified network. In 2012, the ATM networks are to be unified technologically at the level of the three banks’ processing centres. This will allow the functional to be expanded not only with respect to cash withdrawals but also depositing cash on beneficial terms and additional functions (payment, transfers) to be used in each others' ATMs."

President of the Bank of Moscow Mikhail Kuzovlev stressed: "By setting up a unified ATM network, we are primarily caring for our clients, making banking services more accessible and creating additional service opportunities. Thanks to the synergetic effect of the Bank of Moscow joining the VTB Group, our clients are experiencing positive changes. The first result of the joint work is the unified ATM network."

President and Chairman of the Management Board of TransCreditBank Yuri Novozhilov said: "This is the first joint project between TransCreditBank, VTB24 and the Bank of Moscow. The combined ATM network will be a benefit to all our clients, who will gain new opportunities when using ATMs and one of the biggest networks throughout Russia. As a result, clients of TransCreditBank will enjoy broader cash withdrawal opportunities and holders of VTB24 and Bank of Moscow cards will be able to withdraw cash at all Russian Railways stations and major transport hubs."

After merging, the combined network will have about 10 thousand ATMs and cover about 650 cities. VTB24, the Bank of Moscow and TransCreditBank anticipate an increase in client flow to their ATMs and a rise in the number of operations performed there.

*The TransCreditBank tariff for withdrawing one’s own funds corresponds to the tariff for card cash withdrawals within its own network.