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MoneyGram Signs Agreement With Poste Italiane

Stocks in this article: MGI

MoneyGram (NASDAQ: MGI), a leading global money transfer company, announced today that it has signed an agreement with Poste Italiane, the postal services’ operator in Italy. Through this agreement, MoneyGram will continue to offer services to consumers at convenient locations close to where they live and work.

“Signing such an important agreement is integral to serving our customers’ needs in Italy, and brings them closer to their friends and family across the globe,” said Pamela Patsley, chairman and chief executive officer at MoneyGram. “Since we began working with Poste Italiane, we have formed a very successful, strong relationship. We look forward to continuing our relationship with Poste Italiane for years to come.”

Poste Italiane (Italian Post Office) is the largest and most diverse infrastructure in logistic and technology solutions in Italy. It provides postal, financial, insurance and mobile telephony solutions to individuals, private corporations and public authorities. With its extensive network in the nation, Poste Italiane serves around 37 million clients throughout Italy. There are now more than 9000 Poste Italiane offices available for money transfer service with MoneyGram.

“This agreement strengthens a long-term successful cooperation that we have had for years and consolidates Poste Italiane’s share in the money transfer industry, which is growing strongly by the remittances from foreign residents in Italy toward their homeland. Today’s signing allows us to offer to our customers that send money abroad a more effective and convenient financial service,” explains Massimo Sarmi, the CEO of Poste Italiane.

Offering services to consumers in Italy is a priority for MoneyGram and Poste Italiane, as the country is a key country for remittances. According to Bancad’Italia, more than 6.8 billion Euro in remittances were made in 2012. Residents primarily send funds to friends and family in China, Philippines, Romania, Senegal, Morocco, Poland, India and Albania.

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