Industrial Bank of Korea (IBK) has signed a multi-year contract with Western Union Financial Services to provide money transfer services throughout its 360 branches across the country.
IBK provides a range of services to small and medium-sized businesses in Korea, as well as consumers, including household lending, electronic banking, credit card services.
The new money transfer service will enable customers to pay bills and transfer money around the globe using Western Union's proprietary money transfer network. IKB will initially target the estimated six million Korean expatriates who send regular payments back home.
Bill Thomas, president, Western Union International, says: "More and more Asians are emigrating to other countries, yet the bond between these expatriates and their homeland is very strong...Korean expatriates continue to support their families at home."
The deal brings Western Union's total number of agent locations in Korea to approximately 700.