Saturday, 23 January 2010

MoneyGram makes big move in China

MoneyGram International will partner with the Bank of China, a leading Chinese domestic bank to open in 10,000 Bank of China mainland branches through 2011, according to an agreement announced this week.

The agreement more than triples St. Louis Park-based MoneyGram’s presence in the Chinese market and follows a successful six-month pilot in 240 Bank of China branch locations in Beijing.

The expansion started in January and will focus at first in provinces on the southern and eastern coast. The new alliance will create additional opportunities for MoneyGram in several other countries in the Asia Pacific region.

The bank started serving the Chinese market in 1994 through several smaller agents, but this partnership marks a major initiative in a market that generates $25 billion in annual remittances.

MoneyGram also announced a recent expansion in Hungary through its partnership with agent Corner Cash Keszpenz Zrt, which operates currency exchange shops in 11 cities. Corner Cash plans to expand into more cities soon.

MoneyGram is returning to the Hungarian market, with about $4.5 billion in remittances, after a seven-year absence. Source

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