Source: First Data
First Data, a global leader in electronic commerce and payment services, has signed a contract to provide card processing services to Moskommertsbank in support of its MasterCard card portfolio.
Based in Moscow, Moskommertsbank is a subsidiary of Kazkommertsbank, the largest bank by capital in Kazakhstan, and one of the fastest growing banks in the world*.
Albert Khisametdinov, vice-chairman of the Board of Moskommertsbank, comments: "Cards make an important contribution to the profitability of our retail operations, while enabling us to manage risk. The business model offered by First Data enables Moskommertsbank to concentrate on the development and growth of our payment cards business, while outsourcing the operational and technological aspects of this business to First Data and reducing our costs."
First Data offers full issuer and acquirer processing and device management services to financial institutions and leading retailers in Russia. The company combines worldwide payments expertise with a network of regional processing hubs across Europe and a support team with local market knowledge on the ground in Russia.
Gerd Muller, regional vice president for First Data in Northern Europe, says: "We are delighted to have signed this contract with Moskommertsbank, extending our client portfolio in the important and fast growing Russian market. We see significant opportunities for growth in this region, and look forward to working closely with the bank to extend and increase the profitability of their cards business."
* The Banker: Top 1000 World Banks 2007