Moscow, Russia and Tokyo, Japan, Aug 28, 2017 – (ACN Newswire) – JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB Co. Ltd, and Russian Agricultural Bank (RusAg), one of the largest state owned banks in Russia, announced the signing of a license agreement on acquiring and issuing JCB cards. According to the terms of the agreement, RusAg will start accepting all JCB cards on the bank’s ATM network and POS terminals as well as issuing JCB cards and MIR/JCB co-badged cards.
Irina Zhachkina, Deputy Chairman of the Board of RusAg commented: “Russian Agricultural Bank is actively developing cooperation with leading payment systems. We issue and accept Visa, Mastercard, UnionPay and Mir cards. Cooperation with JCB, which is one of the leading payment brands, will expand the range of opportunities for our clients who will be able to choose the most appropriate product for them. The launch of a co-badging project with National Payment System and JCB will allow RusAg cardholders to pay with Mir card not only in Russia but also during trips abroad. Certainly, this partnership with JCB will contribute to further development of the bank’s card business, including growth of transactions volume and number of cards.”
Kimihisa Imada, President and COO of JCBI, commented: “We are glad that our partnership with Russian Agricultural Bank which is one of the largest banks in Russia, will markedly expand the JCB card acceptance network. On the other hand, issuing MIR/JCB card helps Russian Agricultural Bank provide new services for their customers. Cardmembers will be able to use MIR/JCB cards for daily purchases and cash withdrawal both in Russia and abroad. JCB cards and MIR/JCB cards are indispensable payment tools for trips to Asian countries such as Japan, China, Thailand and Singapore, which are popular among Russian tourists. Moreover, one of the main advantages of the MIR/JCB card is double benefits. Cardmembers of MIR/JCB card of Russian Agricultural Bank will get unique offers and discounts around the world provided by JCB and have the chance to become participants of the loyalty program provided by the Mir payment system in Russia.”
About Russian Agricultural Bank
Russian Agricultural Bank (RusAg) is a 100% state-owned bank regulated by the Bank of Russia. RusAg is one of the leading financial institutions providing lending support to Russian agribusiness. Russian Agricultural Bank acts as a Government agent providing financial services to agribusiness and rural population, which makes up about 30% of the total population. As of December 2016 Russian Agricultural Bank’s network of 72 regional branches and about 1,200 additional offices covers the whole territory of the Russian Federation and is the second largest regional branch network in the country. Russian Agricultural Bank provides banking services nationwide to 6.1 million clients.