MoneyGram moves into Hungary

Source: MoneyGram International

MoneyGram International (NYSE: MGI), a leading global money transfer company, today announced that it has expanded its money transfer services to Hungary through new super agent Corner Cash Keszpenz Zrt, which is adding the service at its currency exchange shops in 11 cities across the country.

"After nearly seven years without a presence in Hungary, MoneyGram is pleased to be back with a partner like Corner Cash, providing Hungary's 10 million people a new choice and a better value for money transfer services"

"After nearly seven years without a presence in Hungary, MoneyGram is pleased to be back with a partner like Corner Cash, providing Hungary's 10 million people a new choice and a better value for money transfer services," said John Hempsey, executive vice president for MoneyGram's Europe, Middle East, Africa and Asia Pacific regions. "Money transfer services are a vital part of the economy in Hungary and MoneyGram will focus on providing the greatest value as it grows its locations across the country."

The World Bank estimated that in 2008, Hungary's remittance market was worth nearly $4.5 billion with the United States, the Ukraine, Germany, Romania, and the Slovak Republic being key send and receive markets.

In addition to adding MoneyGram's services to its 11 locations, Corner Cash is focused on adding MoneyGram services to other locations across Hungary.

Hempsey added, "The Corner Cash locations are well established financial service businesses in Hungary's mid-sized cities. Together we plan to rapidly grow our service and especially gain a presence in Budapest."

Hungary is the first country added to MoneyGram's global network in 2010.

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