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TheStreet Open House

Saudi Post & Alinma Bank Sign Global Remittance Agreement With Western Union

Stocks in this article: WU

RIYADH, Saudi Arabia, June 25, 2014 /PRNewswire/ --

Saudi Postal Corporation and Alinma Bank, one of the fastest growing banking institutions in Saudi Arabia, have entered into an agreement with Western Union (NYSE: WU) to offer Western Union® money transfer services in the Kingdom.

     (Logo: http://photos.prnewswire.com/prnh/20130515/613588 )

Under the agreement, remittance services will be offered through the Ersal money transfer service, which is the money transfer joint venture launched by Saudi Post and Alinma Bank in 2013. Starting in Ramadan, the service will be available at 15 post office locations across the Kingdom, taking the number of Western Union locations in the country to over 200.

Speaking about the agreement Dr. Mohammed Saleh Bin Taher Benten, President of the Saudi Postal Corporation, said: "We are committed to strengthening our partnerships with private sector organizations to provide world-class financial services in Saudi Arabia, including money transfer services. Saudi Arabia is the world's second highest remittance-sending country with over 9 million expatriate workers. Our collaboration, first with Alinma Bank to launch Ersal, and now with Western Union, is part of our sustained effort to offer customers fast, reliable and convenient money transfer services. With a global network and presence, Western Union enables consumers to send and receive money around the world, which complements our vision."

Alinma Bank CEO, Mr. Abdulmohsen Al-Fares, also commented on the agreement saying that the time was right for Alinma to expand its remittance efforts in this manner. "This move comes in response to the encouraging growth we have seen in the Ersal service," said Al-Fares. "With the help of our partners at Saudi Post and Western Union, we will be able to strengthen our money transfer services and render rapid delivery around-the-world."

Al-Fares also noted that the agreement fell in line with Alinma's overall strategic objectives. "Alinma Bank is constantly working to keep pace with the growing and changing expectations of our partners (customers)," said Al-Fares. "We strive to be the preferred financial partner for all; and by providing our partners with the very best global remittance service, we move forward in solidifying our position as an exemplary financial institution."

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