MoneyGram expands Philippines presence with M Lhuillier deal

Source: MoneyGram International

MoneyGram International (NYSE: MGI) announced that on April 1 more than 1,200 M. Lhuillier locations will begin offering MoneyGram global money transfer services throughout the Philippines.

With the addition of M. Lhuillier Financial Services Inc., an established non-bank financial services company, MoneyGram will now offer customers in the Philippines the option to receive transactions in U.S. dollars as well as Philippine pesos, providing more choice and control for consumers.

"The Philippines is a strategic country where we see strong growth potential," said Tony Ryan, president and chief executive officer of MoneyGram. "Remittances are an essential part of the economy in the Philippines and we believe that our convenient and reliable global money transfer service will provide more control and choice for Filipinos working abroad to send money to their families back home," said Ryan.

The 1,200 new M. Lhuillier locations boosts MoneyGram's presence in the Philippines to more than 6,000 locations-making it one of the largest money transfer networks in the country. MoneyGram expects continued network growth in the Philippines for the remainder of 2009, including nearly 900 bank branches that will roll out money transfer services in 2009.

"The addition of nearly 2,000 MoneyGram money transfer locations throughout the Philippines demonstrates our ability to deliver a valuable and needed service in response to growing consumer demand throughout the country," said Ryan. "M. Lhuillier's extensive locations, accessible hours and multi-currency payout support MoneyGram's mission to help consumers around the world with more convenient choices for safe and reliable money transfer services."

To receive money via MoneyGram in the Philippines, the receiver can walk into a MoneyGram agent location, complete a Receive Form and show a photo identification to receive funds in as little as 10 minutes. More than 150 M. Lhuillier locations will offer the service 24 hours a day, providing additional convenience and peace of mind for MoneyGram customers particularly in times of emergency.

"With the addition of the M. Lhuillier and additional bank locations, we look forward to growing our customer base in Asia and providing a critical link for those in the Philippines to receive much-needed funds," said Ryan.

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