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MoneyGram adds Lithuania's Ūkio bankas to network

18 May 2010  |  3362 views  |  0 Source: MoneyGram International

MoneyGram International (NYSE:MGI), a leading global money transfer company, announced today its return to Lithuania as the country's fifth largest bank, Ūkio bankas, adds MoneyGram's services to its offerings.

Ūkio bankas will provide a total of 60 send and receive locations across the country.

"After a six-month absence, MoneyGram is pleased to be back in Lithuania via our new agent to serve the 3.5 million people who live there," said Nigel Lee, MoneyGram International's executive vice president of Europe, Middle East, Africa and Asia Pacific. "Ūkio bankas is the oldest private bank in Lithuania and MoneyGram is proud to partner with such an established institution to offer a valuable service to its diverse customer base."

With the addition of Ūkio bankas, MoneyGram will be able to expand upon the significant business opportunity in Lithuania. The World Bank reported that Lithuania received an estimated $1.34 billion in remittances last year. Key send countries include Germany, Norway and the United States but the vast amount of transaction volume originates from markets such as Ireland, Italy, the United Kingdom and Spain.

"The United Kingdom accounts for 72 percent of all send transactions to Lithuania. There are more than 400,000 Lithuanians living in the UK, with 100,000 in London alone. Ireland also has a strong Lithuanian population numbering about 120,000 immigrants," stated Mark Crowson, MoneyGram's regional director for Northern Europe. "And although Lithuania is primarily a receive country, send transactions are slowly growing to such corridors as the United Kingdom, Ukraine and Russia."

"Ūkio bankas is glad of the opportunity to represent one of the leading global money transfer networks MoneyGram International in Lithuania. A possibility to make fast money transfers will add value to the services provided by our bank to the clients," said Gintaras Ugianskis, Chair of the Board of Ūkio bankas.

MoneyGram continues to build out its network in these important send and receive markets, introduce its brand to consumers and provide them with a choice for safe, reliable money transfer services. With more than 198,000 valued agent locations in more than 190 countries and territories, MoneyGram's goal is to provide more choices, added value and increased convenience to consumers all over the world.


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