MoneyGram International (NYSE:MGI), a leading global money transfer company, announced its return to Croatia today as Volksbank added MoneyGram's services to 28 countrywide locations.
MoneyGram's return to Croatia follows MoneyGram's alliance with Volksbank in Serbia in 2008 and the opening of 33 MoneyGram-owned retail locations in Germany since 2006.
"MoneyGram is pleased to be back in Croatia with Volksbank, providing the country's 4.5 million people a new choice and a better value for money transfer services," said Massimo Canovi, MoneyGram International's senior regional director for Southern Europe and the Balkans. "Volksbank is a leading financial institution across Southeastern Europe and has been a valued MoneyGram agent in Serbia since 2008. The Volksbank locations are available today to assist Croatians with their money transfer needs."
Andrea Kovacs-Wöhry, member of Volksbank Croatia's Managing Board, said: "We are very pleased that our partnership with MoneyGram will enable us to provide our customers an affordable, reliable and convenient money transfer services at Volksbank branch offices in all of the major cities throughout Croatia."
Germany is home to more than 200,000 Croatians and more than 10 million migrants that regularly send funds to support family members and build personal savings. Since 2006, MoneyGram has steadily grown its owned money transfer retail locations in Germany to help migrant workers meet their financial needs.
"Our expansion in Germany continues to support our growth in Southeastern Europe and around the world," Canovi continued. "In addition to Croatia, we re-entered Hungary earlier this year and we plan to continue the expansion of our services by adding more countries to our network and more locations in the 190 countries and territories where we already operate."
In addition to its 190,000 traditional agent locations composed primarily of financial institutions, post offices and retail businesses, MoneyGram recently began mobile money transfer services.
Canovi concluded, "Our opportunities to meet remittance demands are changing. In 2009, we added our service at ATMs in the Middle East and provided our first transfers direct to mobile phones in the Philippines. If it's a remittance transaction, we want to touch it, whether online, by phone or at one of our global agent locations. Our return to Croatia opens another market where consumers can experience the value of our services."