Russian Standard Bank announced on Monday that it has signed a long-term partnership with Visa and Miles & More, Europe's leading airline loyalty program, for a co-branded card in Russia.

"Co-branded card products issued jointly with the world's leading companies is one of the key and most successful businesses of Russian Standard Bank," Selim Ergoz, the executive director of the bank's credit card business, said in a press release. "Today we announce a new partnership which is important both for our customers in Russia and for the national market of bank cards including credit cards, and I am pleased that the largest frequent flyer program Miles & More chose Russian Standard Bank and Visa as strategic partners. Our unique experience in creating card products, innovations and outstanding level of service offer an opportunity to all Russian consumers to travel with maximum convenience and comfort flying on their favorite airlines or spending miles with a wide variety of loyalty program partners."

Visa said co-branded frequent flyer cards are the most popular among active Visa cardholders.

"In addition, according to our survey, among European travelers, Russian tourists are the most willing to spend money on trips," Visa Russia CEO Andrew Torre said. "Moreover, in the future they plan to increase their travel budget. This means co-branded products for frequent travelers will become even more popular. Therefore our partnership with Russian Standard Bank and Miles & More is a matter of strategic importance, and we hope that new high-quality co-branded Visa products that meet all the requirements of the most demanding travelers, who will appreciate the comfort and bargain purchases, will emerge in the market as a part of our long-term agreement."

Elena Levicheva, Miles & More International's country manager for Russia, said the partnership is the company's first foray into the credit card market in Russia.

"We seek to become even more attractive to our Russian customers and deliver convenient services relevant to the market," Levicheva said. "That is why we chose Russian Standard Bank as our first Russian partner bank. Miles & More members will be able to earn miles paying for goods and services with Miles & More Visa cards issued by Russian Standard Bank as early as 2015."