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RIA Envia teams with Banamex to offer money transfer services in Mexico

17 May 2007  |  3379 views  |  0 Source: Euronet Worldwide

RIA Envia Inc. (“RIA”), the third-largest global money transfer company and a subsidiary of Euronet Worldwide Inc. (NASDAQ:EEFT), today announced that it has entered into a strategic agreement with Banco Nacional de Mexico, S.A. (Banamex), a unit of Citigroup, to send RIA and AFEX money transfers to Mexico through the Banamex network.

RIA, established in 1987, has a global network of over 41,000 agents offering consumer money transfer services in more than 95 countries and territories. Acquired by Euronet, a leading electronic payments provider in April 2007, RIA processes approximately $4.5 billion in money transfers annually.

"We are very pleased to add Banamex to our correspondent network in Mexico," said Juan Bianchi, chief executive officer of RIA Envia Inc. "Thanks to this agreement, our customers will now have access to over 4,500 new locations of the Banamex network, which include many Banamex locations where our customers can receive their money seven days a week and even 24 hours a day. Additionally, our agreement enables Banamex to provide its customers with a greater level of choice for their money transfer needs."

Banamex, a unit of Citigroup, was established in 1884 and is the premier financial institution in Mexico. The Banamex network presently has over 1,500 bank branches and more than 3,000 Banamex Aqui non-bank locations throughout the country. Banamex's extensive network will soon offer payment of RIA and AFEX money transfers to customers in Mexico.

RIA works with Citigroup affiliates in several countries including correspondent relationships with Banco Cuscatlan, the leader in money transfers in El Salvador and throughout Central America and Grupo Financiero Uno ("GFU"), the largest credit card issuer in Central America. Both Banco Cuscatlan and GFU were recently acquired by Citigroup. Additionally, Bancuscatlan Transfers Inc., also a unit of Citigroup, recently signed an agreement with RIA to serve as its agent in the U.S. in locations across New York, California, Texas, Maryland and Virginia.

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