All Citi locations in five countries to offer MoneyGram money transfer services
SAN SALVADOR & MINNEAPOLIS--(BUSINESS WIRE)--MoneyGram International (NYSE:MGI), a leading global money transfer company, and Citi (NYSE:C), the global leader in financial services, today announced an agreement to expand MoneyGram’s money transfer services to all Citi locations in Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.
“Expanding our relationship with MoneyGram will provide Central Americans in the region and their family and friends with affordable, reliable and convenient money transfer services. This agreement reflects our commitment to offer all Central Americans a wide range of products and financial services.”
“This important agreement extends MoneyGram’s presence in Citi’s network across Central America,” said Dan O’Malley, MoneyGram International executive vice president for the Americas. “MoneyGram’s growth in Central America is a vital part of our global expansion plans, and adding hundreds of agent locations across Central America with a premier partner like Citi is a significant step in establishing a foundation for future growth.”
In 2009, Central America received nearly $11.6 billion in remittances according to the Inter-American Development Bank. Central America is highly dependent on these funds as the IADB estimated it accounts for nearly 17 percent of the region’s gross domestic product.
Constantino Gotsis, cluster head for Central America and Regional Consumer Bank head for the Andean and Central America regions for Citi, said: "Expanding our relationship with MoneyGram will provide Central Americans in the region and their family and friends with affordable, reliable and convenient money transfer services. This agreement reflects our commitment to offer all Central Americans a wide range of products and financial services."
John Warner-Gutiérrez, vice president of Latin America for MoneyGram, said, “We’re pleased to grow our network with Citi in Central America and look forward to opportunities to expand MoneyGram services to Citi branches across other Latin America countries. All locations in Citi’s Central America network are being added in phases, providing our consumers with more choices for convenient access to MoneyGram’s fast, reliable money transfer services.”
Citi has grown extensively in the region since 2007 when it acquired Grupo Cuscatlan and Grupo Financiero Uno. Both institutions had provided MoneyGram money transfer services for 15-years in El Salvador and Honduras.
MoneyGram began its global money transfer services in Central America more than 15 years ago. The company has expanded in the region and today has a leading network comprised of financial institutions and retailers.
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 payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world with funds arriving in as little as 10 minutes. Its network is comprised of, nearly 28,000 agent locations in Latin America and the Caribbean and 200,000 globally in 190 countries and territories. To learn more about money transfer at an agent location or online, visit www.moneygram.com.
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 payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world with funds arriving in as little as 10 minutes. Its network is comprised of, nearly 28,000 agent locations in Latin America and the Caribbean and 200,000 globally in 190 countries and territories. To learn more about money transfer at an agent location or online, visit www.moneygram.com.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Contacts
MoneyGram International
Jody Hinkle, 952-591-3839
jhinkle@moneygram.com
or
Citi
Latin America – Anthony Ingham, 1-305-347-1400
or
El Salvador – Astrid Palomares, 503-2212-3658
or
Guatemala – Crista Kepfer, 502-2379-1000 ext. 8313
or
Honduras – Bianka Lagunes, 504-216-0044
Jody Hinkle, 952-591-3839
jhinkle@moneygram.com
or
Citi
Latin America – Anthony Ingham, 1-305-347-1400
or
El Salvador – Astrid Palomares, 503-2212-3658
or
Guatemala – Crista Kepfer, 502-2379-1000 ext. 8313
or
Honduras – Bianka Lagunes, 504-216-0044
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