Brazil's Itau Unibanco extends cash transfer deal with MoneyGram
06 October 2009 | 5081 views | 0
MoneyGram International (NYSE:MGI), a leading global money transfer provider, announced today a new multi-year contract with Itaú Unibanco (NYSE:ITUB), one of the largest financial institutions in the world and Brazil's largest private-sector bank, that will add 1,000 MoneyGram agent locations in Brazil, bringing money transfer services to the bank's network of nearly 5,000 locations.
"Our focus continues to be on worldwide expansion, particularly in key growth markets such as Brazil," said Pamela H. Patsley, chairman and CEO of MoneyGram International. "We are delighted to expand our network through our alliance with a premier global financial institution such as Itaú Unibanco and deliver affordable, reliable money transfer services to the bank's millions of clients."
Remittances are a significant part of Brazil's economy. Last year more than $7 billion in remittances were sent into the country from the 4 million Brazilians living abroad, according to Brazil's Ministry of Foreign Relations.
Earlier this year, Central Bank of Brazil approved the merger of Banco Itaú and Unibanco and Moneygram services will be added in phases to the 1,000 Unibanco locations as part of the bank's integration plan.
Itaú Unibanco provides an expansive network for customers to conveniently receive their MoneyGram money transfer transactions. To collect funds in Brazil, customers can visit any Itaú Unibanco agent location, complete a form and show required identification. Funds sent from MoneyGram's network of more than 180,000 agent locations in 190 countries and territories are available in Brazil in as little as 10 minutes.
Milton Maluhy Filho, managing director of Financial Institutions and Funding of Banco Itaú BBA, said, "We are focused on providing more convenience in money transfer services to our customers. By expanding our relationship with MoneyGram, we maintain an extensive global network available to send funds to Brazil."
Itaú Unibanco began offering MoneyGram money transfer services in 2003 in Brazil and later at its bank locations in Japan and Argentina. MoneyGram first entered Brazil in 1996 and today has a leading countrywide m money transfer network with Itaú Unibanco.