Source: First Data Corp
The Western Union Company, a subsidiary of First Data Corp. (NYSE:FDC) and a worldwide leader in money transfer services, Citibank (Banamex USA) and Banco Nacional de Mexico, S.A. (Banamex) today announced that they have extended their strategic alliance to facilitate consumer money transfers to and from Mexico for another seven years.
Banamex will now offer to consumers the full suite of Western Union services, by adding the Vigo brand to the Western Union and Orlandi Valuta transfer services currently offered by Banamex. In addition, Banamex will continue to expand its distribution network through its own and third-party channels, enabling significant growth opportunities for Banamex and Western Union.
Banamex, a unit of Citigroup, has served as a principal agent for Western Union and Orlandi Valuta in Mexico since 2001. As one of Mexico's leading banks, Banamex offers Western Union and Orlandi Valuta services at more than 5,000 locations throughout Mexico through its own branches, its network of Banamex Aqui Correspondents and other partners. Banamex will also offer Vigo-branded money transfer services, providing consumers with an even greater level of choice and value for their money transfer needs.
"For many years, Western Union and Banamex have worked side by side to bring value, reliability and speed to consumers sending money to Mexico," said Jorge Hierro, Executive Director, Institutional Relations, Banamex. "We look forward to expanding our relationship and benefiting consumers, not only with the addition of Vigo-branded services, but also with additional convenient locations throughout Mexico."
"As we continue our focus on international growth, Western Union's strategy has long been to team with trusted local businesses who have a tradition of serving their communities. Banamex is just such an organization," said Christina Gold, President and Chief Executive Officer, The Western Union Company. "We look forward to growing this important relationship and to providing consumers with the highest level of convenience, reliability, service and value."