MoneyGram International and Bank of China Announce Agreement to Bring Money Transfer Service to the Bank’s 10,000 Branches in China
Completion of Successful Pilot in Beijing Leads to Expansion Throughout Bank’s Network
MINNEAPOLIS--(BUSINESS WIRE)--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.”
MoneyGram has been providing services in China since 1994 through agents including Industrial & Commercial Bank of China (ICBC), Bank of Communications (BCOM), CITIC Bank, China Industrial Bank, Shengjing Bank (former Shengyang Commercial Bank); Shenzhen Ping An Bank and Anshan Bank.
About MoneyGram International
MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 186,000 agent locations in more than 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com or find us on Facebook.
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