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MGI $15-$20 price target
MGI heading back to $10+
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US-based MoneyGram International, a money transfer company, and National Commercial Bank have entered into an agreement to offer MoneyGram's international money transfer service at the bank's 1,400 ATM locations in Saudi Arabia.
MoneyGram's money transfers at National Commercial Bank (NCB) will be sent over the bank's Quickpay platform. Initially, only send services will be available.
Anthony Ryan, president and CEO of MoneyGram International, said: "Saudi Arabia is the second largest send market in the world behind the US, and our alliance with a premier financial institution like NCB represents a significant opportunity for MoneyGram's expansion plans in the Middle East."
Alasharif Khalid Alghalib, senior executive vice president and head of the individual banking sector of NCB, said: "Together with MoneyGram, we can now claim to offer our customers simply the best way to send their money to loved ones back home, using the largest money transfer network in Saudi Arabia.
"With our partner, we have removed the inconvenience of standing in line during office hours and are providing expatriate clients a service that is secure and quick; but above all, flexible and tailored to meet their needs."
ICBC), Bank of Communications (BCOM), CITIC Bank, China Industrial Bank, Shengjing Bank (former Shengyang Commercial Bank); Shenzhen Ping An Bank and Anshan Bank.
Main office
1550 Utica Avenue South
Minneapolis, MN 55416
Phone: 952-591-3000
www.moneygram.com
Background
MoneyGram International, Inc., through its subsidiaries, provides payment services. It operates through two segments, Global Funds Transfer and Payment Systems. The Global Funds Transfer segment provides money transfer services, money orders, and walk-in and electronic bill payment services to consumers, such as unbanked, underbanked, and convenience users. This segment also offers its money transfer services on the Internet, as well as through a network of retail agents in North America, Latin America, western Europe, the Middle East, the Indian subcontinent, the Asia Pacific, eastern Europe, and Africa. It sells its money orders under the MoneyGram brand, as well as on a private label basis or co-branded with retail agents. This segment's bill payment suite of services enables convenience payers, just-in-time payers, and delinquent debtors to pay bills through its network to credit card companies, mortgage companies, auto finance companies, telecom companies, satellite companies, property management companies, and third-party bill collectors. The Payment Systems segment primarily provides payment processing services, which include official check outsourcing and sale of money orders, as well as automated clearing house processing services to financial institutions, thrifts, and credit unions. MoneyGram International distributes its products through a network of sales and marketing teams to agent distribution channels, such as general merchandise, grocery, drug and convenience store retailers, check cashing, and bank locations. The company was founded in 1926 and is headquartered in Minneapolis, Minnesota.
MoneyGram International (NYSE:MGI), a global money transfer company, and Bank of China, a pillar of China's banking community and Global Fortune 500 Company, announced today plans to begin offering MoneyGram money transfer services at all 200 Bank of China locations in Beijing in anticipation of expanding into the full Bank of China network.
"We are pleased to launch MoneyGram money transfer services to our Bank of China locations in Beijing, bringing value to our customers, widening the array of services that we offer, and also satisfying the demand for international money transfer service within the local and overseas Chinese population," said Mr. Feiqi MEI, Deputy General Manager, of Bank of China, Beijing branches.
MoneyGram International executives Pamela H. Patsley, executive chairman; and Anthony Ryan, president and chief executive officer, met today in Beijing with leaders from Bank of China as well as other leading agents on the mainland to discuss the common goal of bringing needed financial services to the people of China.
"International expansion is a key growth strategy for MoneyGram," said Patsley. "China represents a vast opportunity for MoneyGram to expand its global network and deliver on its commitment to provide safe and reliable money transfer services to people in every corner of the world."
Ryan said, "Our strategic alliance with a financial institution such as Bank of China reflects an important milestone and significant opportunity for MoneyGram's expansion plans in China. Through Bank of China's impressive national network spanning urban cities and rural towns across mainland China, MoneyGram is able to meet the needs of consumers in one of the largest remittance markets in the world by ensuring that our services are accessible and convenient."
The demand for money transfer services is driven by the growing number of Chinese studying, traveling, working and migrating abroad. The alliance between MoneyGram and the Bank of China provides customers in China with more options for safe, convenient and reliable money transfer services. To send or receive money in China, customers can walk into any MoneyGram agent location, complete a simple form and show a photo identification to transfer funds in as little as 10 minutes, subject to agent availability and hours of operation. All fees are paid by the sender.
MoneyGram, with nearly 15,000 agent locations in the Asia Pacific region, has been providing services in China since 1994. In China, agents include Industrial & Commercial Bank of China (
About MoneyGram International
MoneyGram International offers more choices and more control for people separated from friends and family by distance or those with limited banking 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 in as little as 10 minutes. Its global network is comprised of 176,000 agent locations in 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.
SOURCE: MoneyGram International
MoneyGram International Rong Li, 8610-6310-0088-826 rong.li@fortunechina.com.cn Or Lynda Michielutti, 952-591-3846 lmichielutti@moneygram.com
