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April 27, 1994

SHERBANK TO ISSUE DEBIT CARDS THIS MONTH

By CBR Staff Writer

This month Sberbank is to begin issuing debit cards in co-operation with STB card – the magnetic card venture of Stolichny Bank. The two million Sberbank Moscow current account holders will be eligible for a card. Some 34 Russian banks now issue debit cards in co-operation with STB card. In response to the problem of card theft and card fraud, from this month all new STB card will carry a photograph and a copy of their owner’s signature. President of STB Card Alexander Sorokin denied that card fraud has been a serious problem.

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