21 October 2017
Register now

Brazil's Itau Unibanco extends cash transfer deal with MoneyGram

06 October 2009  |  5066 views  |  0 Source: MoneyGram

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.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.atos.netvisit www.niceactimize.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10212 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
9431 views comments | 17 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8991 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8077 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7788 views comments | 10 tweets | 22 linkedin

Featured job

Find your next job