Distribution of travel checks

American Express signed agreements on distribution of travel checks with 7 Russian banks in the first half of 1999. This was announced by A.Maslov, American Express traveler_s checks Sales Director in Russia and CIS countries. According to Mr. Maslov, the agreements were made with Bank of Moscow, MDM-bank, Probusinessbank, Slavyansky, Bank of Development and Reconstruction, GUTA-bank and Petrokommerts bank. Mr. Maslov said that after the August 98 crisis traveler_s checks sales in Russia significantly decreased. By mid-September 98, AmEx kept the agreements with only four out of twenty Russian banks. However, by now the level of sales has almost reached the pre-crisis one, according the company_s representative. At present AmEx has agreements with 12 banks. In addition, the company negotiates agreements with a number of other large banks.