By Andrei Skvarsky.
Promsvyazbank, one of Russia’s biggest private lenders, has launched a programme for relatively wealthy retail clients that includes access to easy-term loans, a set of freebies and personalised servicing.
Being a holder of a freely-serviced World MasterCard Black Edition® card is one of the benefits of joining Orange Premium Club, a scheme for clients with annual incomes of between 1.5m and 2.2m rubles (between $36,000 and $57,000 at today’s exchange rate), an affluent category by Russian standards (for comparison’s sake, the average wage in the United States is $54,450 and that in Britain $42,600).
Such a card may stand for an account in rubles, euros or US dollars and allows a maximum credit of 2m rubles ($47,800). One may hold up to three premium cards in addition to one’s main card, according to a statement from the Moscow-based bank.
Orange Premium Club members won’t get charged for cash withdrawal from ATMs anywhere in the world that belong to other banks if they draw no less than an equivalent of 3,000 rubles ($72) at a time and no more than 50,000 rubles ($1,200) a month.
They are entitled to reductions in currency exchange rates, charges for settlement operations and consumer loan rates.
They are served by a personal manager and can use a special telephone line to contact the bank.
They and their families can, moreover, enjoy a set of non-banking perks such as free use of VIP lounges at more than 700 airports across the world and free legal, tax and real estate advice.
Maintaining one’s Orange Premium Club membership is free of change on condition there is a definite minimum monthly balance on one’s credit card.
“This programme is the starting point in implementing Promsvyazbank’s strategy of work with the affluent segment of the clientele,” says Promsvyazbank head of retail Leonid Kachalov, who argues that Russia’s current macroeconomic woes are likely to be over by mid-2015.
The European Bank for Reconstruction and Development holds a stake of 11.75% in Promsvyazbank. The rest of the capital belongs to Amsterdam-headquartered private equity company Promsvyaz Capital B.V.
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