Western Union buys Panama agent
Western Union (NYSE:WU), a leading provider of global money-transfer services, has completed the acquisition of its Panama-based Agent, a money transfer and bill payments company.
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Transfer Express de Panama, a new Western Union business entity, will directly operate its own 15 locations and manage relationships with sub-Agents who represent nearly 100 sites throughout the country.
The acquisition is aligned with Western Union's commitment to expanding margins and improving profitability by reducing distribution costs and operating expenses.
"This acquisition is part of our Company's strategy to optimize relationships with sub-Agents and consumers to drive solid growth," said Liz Alicea-Velez, executive vice president for Western Union's Latin American and Caribbean region. "Additionally, the strategic venture will facilitate the expansion of Western Union's bill payment services to consumers in Panama."
Western Union has been providing services in Panama since 1991, through well established and reliable distribution retail channels that have guaranteed strong consumer satisfaction for well over 16 years.
Approximately 40 local employees have transitioned to Transfer Express de Panama as part of the deal.