Coinstar Money Transfer Ltd., a subsidiary of Coinstar (NASDAQ:CSTR), announced an agreement to offer money transfer services in all Pocztowy Bank (Postal Bank) locations.
Postal Bank is the largest banking network in Poland, one of the top five recipient countries in the world. With this agreement, Coinstar Money Transfer becomes a key player in the Polish market and a new competitive money transfer service for the Polish Diaspora.
"We are very excited about this cooperation: Poland is among the top five recipient countries in the world and the flow of money to Poland in 2008 reached $11 billion," said Mohit Davar, CEO of Coinstar Money Transfer Ltd. "This cooperation marks a milestone for our business development this year and in particular for Poland. The agreement with Postal Bank to provide their extensive nationwide network of 5,400 locations will enable our customers to receive cash within minutes all over the country and will give Coinstar the opportunity to serve its objective of providing safe and reliable money transfer services to the Polish Diaspora worldwide."
Davar continued, "This agreement gives us the opportunity to work with a large and experienced organization like the Postal Bank, to provide Coinstar Money Transfer services to millions of Polish people living and working in Italy, UK, USA and other countries. There is a significant flow of remittances going to the rural areas of Poland, now finally accessible through this crucial cooperation. Within this unstable financial environment, consumers are even more interested in value for money, reliable and secure services, which Coinstar Money Transfer strategically offers in the most important send markets for Poland and its Diaspora, mainly because of its direct and aggressive distribution model".
"We look forward to adding Coinstar Money Transfer to our money transfer product portfolio and offer more convenience to our current and new customers" said Mr. Tomasz Bogus, President of Bank Pocztowy. "We are pleased to work with Coinstar Money Transfer in the remittance business. Money Transfer is a very important service in Poland for all the families expecting money from abroad and it is our pleasure and responsibility to offer consumers greater choice, convenience and high quality of service. "