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MoneyGram (NYSE:MGI), a leading global money transfer company announced today it is entering Bosnia and Herzegovina, the second-largest send and receive remittance market in Eastern Europe, with the signing of Nova Bank. Under the agreement, Nova Bank customers are now able to send and receive international money transfers at more than 40 Nova Bank locations across rural and urban Bosnia through MoneyGram’s global network.
Recent legislative changes in Bosnia are creating increased options for consumers to choose their money transfer provider.
The World Bank estimates Bosnia has the 12
th-highest proportion of its population living abroad, with more than 1 million Bosnian citizens living and working outside Bosnia. The majority of money transfer sends to Bosnia originate from Austria, Germany, Switzerland and the United States.
“Nova Bank is happy to expand its remittance business by working with MoneyGram,” said Dragana Tatic, marketing manager, Nova Bank. “This relationship reinforces the bank's existing remittance operations and further meets the needs of our clients. Nova Bank is confident that working with MoneyGram will be mutually beneficial, and provide good service to the users of remittance payments in Bosnia.”
According to Pamela H. Patsley, MoneyGram chairman and CEO, Bosnia is rich in opportunities to support MoneyGram’s focus on providing real value to people in Bosnia and globally. “MoneyGram works hard every day to connect family and friends no matter how far apart they are through our global money transfer services. It is very important to us, and our continued growth, to have high-caliber and well-respected agents like Nova Bank in our growing network and working with us to bring people closer together.”
Nova Bank has operated in Bosnia since 1999, as one of the first private banks in Bosnia and Herzegovina and has grown into one of the leading banks in the Balkans.