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TheStreet Open House

MoneyGram Expands Portuguese Reach With Banco Espírito Santo

Stocks in this article: MGI

MoneyGram (NASDAQ: MGI), a leading global money transfer company, announced today that it has signed an agreement with Banco Espírito Santo (EURONEXT: BES), one of Portugal’s largest banks, and is now offering its funds transfer services at bank locations across the country. The agreement boosts MoneyGram’s presence in Portugal and brings added convenience to both BES and MoneyGram customers.

“We’re committed to making our money transfer services easy to access,” said João Camara, MoneyGram’s country manager for Portugal and Cape Verde. “By expanding our network with BES, a bank that customers have come to trust, we’re increasing the convenience and accessibility of our services. This ultimately enables our customers to more easily reach loved ones, whether nearby or across the globe.”

According to the Portuguese Immigration Observatory, the number of Portuguese immigrants increased to nearly three million, with destinations including Angola, France, Brazil and Switzerland. According to Bank of Portugal’s latest figures, the country received nearly $3 billion and sent nearly more than $500 million in 2012. MoneyGram’s services enable customers in Portugal to send and receive funds both domestically and internationally.

Banco Espírito Santo is the largest private financial company by market cap and the second by assets in Portugal. BES offers a large range of financial services worldwide, including personal and corporate banking, and asset and investment management.

“BES is dedicated to expanding our financial services to best meet our customers’ needs,” said Luís Lemos Lopes, BES retail marketing manager. “By offering MoneyGram’s services in our Portugal locations, we are making the receipt and transfer of overseas funds easily accessible. With a fast-growing diaspora, it makes sense to provide our customers with a quick and global way of sending or receiving money from their loved ones, friends and family members.”

About MoneyGram

MoneyGram, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers bill payment services in the United States and Canada and money transfer services worldwide through a global network of more than 321,000 agent locations – including retailers, international post offices and financial institutions – in 198 countries and territories. To learn more about money transfer or bill payment at an agent location or online, please visit moneygram.com or connect with us on Facebook.



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