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MoneyGram inks deal with Bank of China

19 January 2010  |  3267 views  |  0 Source: MoneyGram

MoneyGram International (NYSE: MGI), a leading global money transfer company, and Bank of China, a pillar of China's banking community and Global Fortune 500 company, announced today an agreement that will bring MoneyGram money transfer services to Bank of China's 10,000 domestic branches in the mainland in the coming years.

The agreement, which more than triples MoneyGram's presence in this growing remittance market, follows the successful completion of a six-month pilot that ran in 240 Bank of China branch locations in Beijing.

MoneyGram will begin rolling out its money transfer services in Bank of China branches in key provinces across the southern and eastern coast in China beginning in January and will continue expanding throughout the Bank's extensive network in the country in 2010 and 2011. In addition, this new strategic alliance with Bank of China will create further opportunities for MoneyGram's money transfer services in several other countries in the Asia Pacific region.

"This partnership brings significant benefits to MoneyGram, the Bank of China and to the billions of people in this region," said Pamela H. Patsley, MoneyGram chairman and CEO. "With more than $25 billion in annual remittances, China is a critical focus for MoneyGram's market expansion in 2010," said Patsley. "We are delighted to further align ourselves with Bank of China's globally recognized brand and to bring more value, more options and more convenience to the increasing number of money transfer consumers across this important remittance market."

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