Svyaznoy Bank Stops Issuing World MasterCard, VISA Infinite
1 March 2013 (14:37)
March 01, 2013. Svyaznoy Bank put a temporary halt on issuing its new premium World MasterCard and VISA Infinite cards, the company’s website states.
In January 2013, the Central Bank also ordered Svyaznoy Bank to stop issuing multi-purpose cards. The regulatory authority was then worried about the bank’s speedy growth rate that was a few times ahead of the market’s average dynamics.
Besides, this week the Central Bank prolonged the limitation imposed on the company in terms of deposit transactions; the ban was extended by three more months. The bank explains that the new sanctions had to do with the fact that the company had exceeded the deposit volume growth limits agreed with the Central Bank earlier.
‘The issuance of the new premium World MasterCard and VISA Infinite cards has been halted for the time being. If you do own a premium card already, you can still enjoy all its options and benefits as usual,’ the bank says.
In January 2013, the Central Bank also ordered Svyaznoy Bank to stop issuing multi-purpose cards. The regulatory authority was then worried about the bank’s speedy growth rate that was a few times ahead of the market’s average dynamics.
Besides, this week the Central Bank prolonged the limitation imposed on the company in terms of deposit transactions; the ban was extended by three more months. The bank explains that the new sanctions had to do with the fact that the company had exceeded the deposit volume growth limits agreed with the Central Bank earlier.
‘The issuance of the new premium World MasterCard and VISA Infinite cards has been halted for the time being. If you do own a premium card already, you can still enjoy all its options and benefits as usual,’ the bank says.
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