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MoneyGram Continues Growth Momentum In Turkey With Signing Of DenizBank

MoneyGram (NASDAQ: MGI), a leading global money transfer company, has signed an agreement with DenizBank, a private Turkey-based bank, to offer MoneyGram’s funds transfer services in all of the bank’s nationwide locations. The agreement largely expands the number of available service locations for consumers in the country.

“This significantly increases MoneyGram’s footprint in Turkey while decreasing the distance our customers have to travel to send money to friends or family worldwide,” said Pam Patsley, chief executive officer and chairman, MoneyGram. “Now that we have achieved additional territory coverage in Europe, we are also enabling customers across the globe to reach their loved ones back home in Turkey more easily. DenizBank is a great fit for us.”

DenizBank was established in Turkey in 1997 and offers a range of services including investment banking, brokerage and leasing. According to the World Bank, the Turkey remittance market is worth more than 1 billion USD. This makes Turkey an important receive market and, with its tremendous economic growth momentum, a fast-growing send market. Key countries that residents send funds to include the U.S.A., the U.K., France, The Netherlands, Belgium, Germany and Russia. With this agreement, both locals and immigrants can transfer funds among one another.

Speaking at a press conference, Hakan Ates, chief executive officer and president of DenizBank, emphasized that they were pleased to partner with a well-respected company like MoneyGram to offer fast, secure and easy money transfer service to their customers. “Our aim at DenizBank is to offer affordable and convenient service to our customers throughout the world. We attach great importance to intensifying our collaborations with global strong brands accordingly. Today, we are signing a solution partnership with MoneyGram that means a lot to actualize our ‘absolute customer satisfaction’ target beyond the borders, in a stronger way. With this solution partnership that will enhance our bank’s strength in the global network, we become one of MoneyGram’s key agents in Turkey and offer easy and fast money transfer service through their worldwide service network and infrastructure to everyone, regardless of being a DenizBank customer or not. In other words, we enable money transfer with MoneyGram at locations in Turkey where DenizBank is present. People working, studying abroad or tourists, businessmen who do not want to carry cash with them or anyone who is in need of urgent money transfer can now do so rapidly, securely and easily from DenizBank branches without needing a bank account. As a natural extension of our mission to add value to social life, I believe that our collaboration will add convenience to many people’s daily lives and I hope this will be beneficial to all parties.”

About DenizBank

DenizBank was established in 1938 as a state economic enterprise aimed at funding of the developing Turkish maritime sector. In the early 1997, DenizBank was acquired by the Zorlu Holding in the form of banking license from the Privatization Administration and in October 2006, a leading European financial group, Dexia incorporated it to its structure. For 6 years, DenizBank operated in Dexia’s main shareholding and since 28 September 2012, continues providing services under the umbrella of Russia’s largest and well-rooted bank, Sberbank. DenizBank has become one of the remarkable banks of Turkey in a short period of time. DenizBank Financial Services Group was established in 2003 in order to create a “financial supermarket” accumulating various financial services under one roof. There are totally 685 branches within DenizBank Financial Services Group operating in 81 provinces of Turkey and abroad employing close to 14.000 people. DenizBank Financial Services Group consists of DenizBank, six domestic and three international financial subsidiaries, four domestic non-financial subsidiaries and a branch in Bahrain. Deniz Investment Securities, Express Investment Securities, DenizInvestment Trust, DenizPortfolio Management, DenizLeasing, DenizFactoring, Intertech, Deniz Kültür, Bantaş and Pupa are the group’s domestic subsidiaries while Eurodeniz, DenizBank AG and DenizBank Moscow are its international subsidiaries

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 money transfer services worldwide through a global network of 327,000 agent locations – including retailers, international post offices and financial institutions – in nearly 200 countries and territories. MoneyGram also offers bill payment services in the United States and Canada. To learn more about money transfer or bill payment at an agent location or online, please visit or connect with us on  Facebook.

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