Thursday, 2 April 2009

MoneyGram expands in Philippines

Bizjournals
http://www.bizjournals.com/twincities/stories/2009/03/30/daily28.html

MoneyGram International Inc. has added 1,200 money-transfer locations throughout the Philippines through a partnership with M. Lhuillier Financial Services Inc., one of the country’s leading financial services firms.

Adding the M. Lhuillier locations expands MoneyGram’s network in the Philippines to more than 6,000 locations. MoneyGram plans to continue growing its presence there throughout 2009, including the addition of nearly 900 bank branches that will roll out money-transfer services this year.

“The Philippines is a strategic country where we see strong growth potential,” MoneyGram President and CEO Tony Ryan said in a statement. “Remittances are an essential part of the economy in the Philippines and we believe that our convenient and reliable global money-transfer service will provide more control and choice for Filipinos working abroad to send money to their families back home.”

St. Louis Park-based MoneyGram (NYSE: MGI) now has 176,000 agent locations in 190 countries and territories.


jvomhof@bizjournals.com

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