MoneyGram International Inc. said Tuesday it has entered into a partnership with Bank of China to bring its money transfer services to the bank's 10,000 Chinese branches over the next several years.
MoneyGram said the partnership will triple its presence in China's $25 billion market for remittances, which is money wired into the country from overseas.
MoneyGram said it will roll out its money transfer services at Bank of China branches in the country's southern and eastern coast this month and elsewhere over the next two years.
The company called China a "critical focus" of its expansion in 2010. It has had a presence in China since 1994.
MoneyGram shares fell 3 cents to $3.11 in afternoon trading. Source
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