P.M. BRIEFING : Soviet Bank Issues Visa Cards
Sberbank, the largest bank in the Soviet Union with 200 million depositors, has begun issuing Visa cards to its customers to replace its traditional passbook savings account, Visa International announced today.
Sberbank began issuing the card this week to a select group of 2,000 customers for domestic use only. Initially, the customer can use the card to withdraw up to 250 rubles a week from automated teller machines.
Later this year, the card will be extended to more than 40,000 additional customers. Within three years, Sberbank plans to issue up to 5 million Visa cards, and the bank’s long-term aim is to provide at least half of its 200 million customers with card-activated accounts.
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