RIA Envia (RIA), the third-largest global money transfer company and a subsidiary of Euronet Worldwide (NASDAQ:EEFT), today announced that RIA has expanded its payout network in Poland by signing a correspondent agent agreement with Bank Pocztowy (Post Bank).
The agreement expands RIA's payout network significantly in Poland with the addition of Post Bank's nearly 8,000 payout locations.
Post Bank, the fast-developing bank in Poland, will soon offer consumers the option to receive RIA money transfers from any of its nearly 8,000 payout locations across the country. These locations are a combination of bank branches and post offices. The expansion of RIA's network will enable more beneficiaries to conveniently access a fast and reliable money transfer service in Poland. Furthermore, the agreement with Post Bank enables RIA customers to send money transfers directly to any bank account or beneficiaries can opt for cash pick-up at any of Post Bank payout locations. Post Bank will begin distributing money transfers for RIA by August of 2007.
"We are pleased to announce the addition of Post Bank Poland to our growing global correspondent network. Post Bank is acting on the base of the largest payout network of post/banking outlets in the country, making them an important correspondent partner for RIA," said Michael J. Brown, chairman and chief executive officer, Euronet Worldwide Inc. "Polish emigration has grown since Poland's accession to the European Union in 2004 and the subsequent opening of Western European labor markets making it a very attractive market for RIA. Our association with Post Bank will enable us to provide Polish nationals living abroad, particularly in the U.K., Germany, Italy and U.S., with a more reliable and convenient way to send money home to their families. We look forward to a mutually beneficial and long-term relationship with Post Bank."
"The Polish economy has benefited significantly from the inflow of remittances in recent years. Our relationships with companies like RIA affirm our commitment to our customers to provide them the most reliable and convenient financial services. We look forward to enabling our customers to receive money sent to them from their loved ones abroad through the RIA network," said Stanislaw Zebrowski, chief specialist of Corporate Department, Bank Pocztowy.
The opening of the Western European labor markets to Polish workers has fueled growth in money transfers with financial inflows to Poland reaching approximately $8 billion a year in remittances. For example, one of the fastest- growing Polish communities resides in the United Kingdom, where nearly 400,000 work permits have been issued to Polish nationals since May 2004, according to the UK Home Office.