New Agents in Colombia, Perú and Paraguay add 1,103 locations to network
MoneyGram International, Inc. /quotes/zigman/350847/quotes/nls/mgi MGI -0.81% , a leading global money transfer company, has added three new agents to its network in South America : Bancolombia in Colombia; Banco de Credito in Peru, and Banco Vision in Paraguay.
These leading financial institutions add 1,103 new agent locations to the company's network and thereby significantly expand MoneyGram's foothold in South America from 10,200 to 11,305 locations.
"We are very pleased to welcome each of these new agents to the MoneyGram network.
Our growth strategy for this territory is focused and these new relationships play an important part in increasing MoneyGram's market share in this remittance region," said Dan O'Malley, MoneyGram's executive vice president of the Americas and Emerging Markets.
"We believe MoneyGram's fast and reliable service will meet our customers' and agents' expectations and set the standard for remittance service throughout South America."
Colombia
The leading bank in Colombia, Bancolombia has more than 790 locations across the country and is one of the most recognized brands in Colombia.
The bank is now MoneyGram's largest agent in Colombia.
Adding the bank doubles the company's presence in the country, and MoneyGram's service will be offered in each Bancolombia location in Colombia.
The bank accounts for more than 25 percent of the remittance business in Colombia and expects to gain market share by providing MoneyGram service.
MoneyGram expects that its service will be introduced in the fourth quarter of 2.011.
According to the World Bank, Colombia received an estimated $3.9 billion in remittances in 2010, placing it 27th in top remittance receive countries.
Funds come mainly from the United States, Spain, Italy, Venezuela, Chile, Ecuador, Panama, Aruba and the Netherland Antilles.
Perú
MoneyGram International, Inc. /quotes/zigman/350847/quotes/nls/mgi MGI -0.81% , a leading global money transfer company, has added three new agents to its network in South America : Bancolombia in Colombia; Banco de Credito in Peru, and Banco Vision in Paraguay.
These leading financial institutions add 1,103 new agent locations to the company's network and thereby significantly expand MoneyGram's foothold in South America from 10,200 to 11,305 locations.
"We are very pleased to welcome each of these new agents to the MoneyGram network.
Our growth strategy for this territory is focused and these new relationships play an important part in increasing MoneyGram's market share in this remittance region," said Dan O'Malley, MoneyGram's executive vice president of the Americas and Emerging Markets.
"We believe MoneyGram's fast and reliable service will meet our customers' and agents' expectations and set the standard for remittance service throughout South America."
Colombia
The leading bank in Colombia, Bancolombia has more than 790 locations across the country and is one of the most recognized brands in Colombia.
The bank is now MoneyGram's largest agent in Colombia.
Adding the bank doubles the company's presence in the country, and MoneyGram's service will be offered in each Bancolombia location in Colombia.
The bank accounts for more than 25 percent of the remittance business in Colombia and expects to gain market share by providing MoneyGram service.
MoneyGram expects that its service will be introduced in the fourth quarter of 2.011.
According to the World Bank, Colombia received an estimated $3.9 billion in remittances in 2010, placing it 27th in top remittance receive countries.
Funds come mainly from the United States, Spain, Italy, Venezuela, Chile, Ecuador, Panama, Aruba and the Netherland Antilles.
Perú
Banco de Credito Peru, the largest bank in Peru, signed a multi-year agreement to provide MoneyGram's service in its more than 335 locations.
MoneyGram expects that its services will be available in every area of the country by the end of third quarter 2011.
According to the World Bank, nearly $2.5 million in remittances were received into the country last year.
Key money transfer corridors include the United States, Spain, Italy, Argentina, Chile and Ecuador.
Paraguay
MoneyGram continues to expand its footprint in Paraguay with the addition of Banco Vision, the largest bank in the country.
Banco Vision has approximately 70 branches throughout the country and is one of the most recognized financial institutions among Paraguayans. Banco Vision began offering MoneyGram's service this month.
In 2.010, Paraguay took in an estimated $537 million in remittances from countries including the United States, Spain, Brazil, Argentina, Uruguay and Chile.
"We are seeing a remarkable rebound of remittance flows to Latin America and anticipate this will continue to improve the second half of this year and into 2.012.
With our strong relationships with our new and existing agents we are well positioned to meet consumer demand on the send and receive sides," O'Malley added.
About MoneyGram International
MoneyGram International, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs.
MoneyGram offers bill payment services in the United States and money transfer services worldwide through a global network of more than 233,000 agent locations including retailers, international post offices and financial institutions in more than 191 countries and territories.
MoneyGram expects that its services will be available in every area of the country by the end of third quarter 2011.
According to the World Bank, nearly $2.5 million in remittances were received into the country last year.
Key money transfer corridors include the United States, Spain, Italy, Argentina, Chile and Ecuador.
Paraguay
MoneyGram continues to expand its footprint in Paraguay with the addition of Banco Vision, the largest bank in the country.
Banco Vision has approximately 70 branches throughout the country and is one of the most recognized financial institutions among Paraguayans. Banco Vision began offering MoneyGram's service this month.
In 2.010, Paraguay took in an estimated $537 million in remittances from countries including the United States, Spain, Brazil, Argentina, Uruguay and Chile.
"We are seeing a remarkable rebound of remittance flows to Latin America and anticipate this will continue to improve the second half of this year and into 2.012.
With our strong relationships with our new and existing agents we are well positioned to meet consumer demand on the send and receive sides," O'Malley added.
About MoneyGram International
MoneyGram International, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs.
MoneyGram offers bill payment services in the United States and money transfer services worldwide through a global network of more than 233,000 agent locations including retailers, international post offices and financial institutions in more than 191 countries and territories.
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