OREANDA-NEWS. On November 15, 2007 for the first time in Armenia, Western Union agency awarded an Honorary Diploma to ArmEconomBank, reported the press-centre of ArmEconomBank.

The diploma is a sign of appreciation and an outcome of ArmEconomBank's long-lasting fruitful cooperation with Western Union Company, the Bank's commitment to the development of Western Union International money transfer business in Armenia, expansion of the Western Union network within the territory of Armenia and contribution to the involvement of new WU sub-agents.

ArmEconomBank has started cooperating with Western Union agency from 1999 as a Sub-agent. In 2003, due to the increase in transaction volumes, the Bank received a status of Western Union Agent and became its exclusive representative in the Republic of Armenia.

The status of an agent entitled ArmEconomBank to appoint sub-agents. At present, the Bank has seven sub-agents carrying out Western Union money transfers, including six Armenian banks and one payments company.

The process of involvement of new sub-agents continues.