Source: Grupo Elektra
Grupo Elektra, S.A. de C.V. (BMV: ELEKTRA; Latibex: XEKT), Latin America's leading specialty retailer, consumer finance and banking and financial services company, announced today that it signed a five-year and six months electronic money transfer agreement with Orlandi Valuta - a world class money transfer company, and subsidiary of Western Union.
Pursuant to the agreement, Grupo Elektra becomes a paying agent for money transfers to Mexico in its more than 1,500 points of sale throughout the country. Additionally, Grupo Elektra will be able to affiliate subagents in Mexico to further expand its distribution network, in line with other transfer agreements previously signed by the company.
Orlandi Valuta has more than 4,500 points of sale in the United States, and 20 years of proven experience in electronic transfers from the U.S. to Mexico. Recently, it successfully began money transfers to Central and South America, where it has over 1,000 additional points of sale. Orlandi Valuta offers high quality transfer services, with top security and convenience, at competitive prices.
"More efficient transfers contribute to higher living standards for million of families in Mexico and Latin America. Our commitment is to build the necessary agreements to enhance the well-being of an increased number of people, through faster and safer operations," commented Javier Sarro Cortina, CEO of Grupo Elektra.
Grupo Elektra sends money and makes payments since 1994, and has a leading position in electronic transfers in Mexico, paying more than 12% of the total remittances received in the country every year. Since the beginning of its money transfer operations, Grupo Elektra has paid over 41 million transfers coming from other countries, which represent a total of more than US$11 billion. Grupo Elektra's strength is based on its large distribution network, efficient telecommunications infrastructure, and customer trust.
"The agreement consolidates our leadership in a very dynamic market, allowing us to further strengthen ties with our customers, and better satisfy their needs," added Mr. Sarro. "The agreement gives us access to important points of sale, strategically located in the U.S., and adds to the strength of agreements signed in prior months."
As previously announced, at the beginning of 2006 the company and Western Union renewed an agreement by means of which Grupo Elektra - through its Elektra, Salinas y Rocha, Bodega de Remates and Banco Azteca branches - became a Western Union and Vigo Remittances Corp. paying agent for money transfers, for a six-year and one month term, that began in January 2006. Grupo Elektra is also a paying agent of Vigo Remittances Corp., a Western Union affiliate.