MoneyGram today announced the signing of an agreement to buy the business of Money Express, the company's Super Agent in Italy.
The Rome-based Money Express has an active network of about 800 independent retailers throughout Italy who provide MoneyGram's money transfer service.
"This purchase gives us the opportunity to further expand our network in Italy. Money Express has been a valuable member of the MoneyGram team for the last ten years as a Super Agent. We are excited to now have them on board as a MoneyGram company," said Phil Milne, MoneyGram's chief executive officer. "We are committed to providing affordable, reliable and convenient payment services in this very strategic market for MoneyGram."
MoneyGram expects to continue to expand its network in Italy through a newly created company named MoneyGram Payment Systems Italy S.R.L. when the sale is completed sometime in late April. The Money Express staff of more than 50 people will become MoneyGram employees.
With the acquisition of Money Express and the recent re-signing of Poste Italiane, which has offered MoneyGram money transfer service since 2001, MoneyGram is able to provide consumers with a convenient money transfer network throughout Italy. The MoneyGram money transfer service is now available in more than 9,000 Poste Italiane locations and plans are underway to add the MoneyGram service in another 4,000 Poste Italiane locations across the country.