This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MoneyGram Expands Bangladesh Reach With Southeast Bank Limited

MoneyGram (NASDAQ: MGI), a leading global money transfer company, announced today that it has signed an agreement with Southeast Bank Limited (SEBL), a Bangladesh-based private commercial bank, and is now offering money transfer services at the bank’s branches across the country. The agreement increases MoneyGram’s presence in Bangladesh, adds it to its growing agent network, and makes the company’s services easier for customers to access.

“Joining hands with SEBL will not only propel our growth in this important market, but will better enable us to meet the growing consumer demand for money transfers to Bangladesh,” said Harsh Lambah, senior regional director, South Asia, MoneyGram. “Collaboration with an expert Bangladeshi bank will give our customers another convenient option to receive money sent by their loved ones. The money can be received in nearly 200 countries in as little as 10 minutes, subject to local hours and regulations," he said.

SEBL, a well-known and trusted bank in Bangladesh, has locations across the country, with a large number in and around the capital city of Dhaka. Urban Bangladesh residents, as well as others across the state, now have more nearby locations from which to receive funds and from key send countries as Italy, the U.S., Saudi Arabia, Canada, France and Australia.

“Our customers’ needs come first, and our agreement with MoneyGram will bring added convenience to those whom we serve to offer reliable and affordable money transfer services,” said Murshid Kuli Khan, senior consultant, SEBL. “We are convinced that MoneyGram’s vast international presence in nearly 200 countries allows Bangladeshis living and working abroad to find convenient locations to send money home.”

According to the World Bank, remittances from migrant workers during the fiscal year 2012-13 amount to more than $14 billion to Bangladesh, and account for about 10 percent of gross domestic product of the country. The World Bank has estimated that the country’s remittances will continue to increase in the coming years. The addition of SEBL to MoneyGram’s agent network in Bangladesh creates an easy-to-access footprint of locations with MoneyGram services.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs