MoneyGram Adds Banco Ganadero To Network In Bolivia

MoneyGram (NYSE:MGI), a leading global money transfer company announced today it has reached an agreement with Banco Ganadero, one of Bolivia’s biggest banks, to add the retail bank to MoneyGram’s network. Under the agreement, Banco Ganadero customers will be able to both send and receive international money transfers through MoneyGram’s global network. The two companies began services at all 30 of the bank’s locations earlier this month.

With the addition, MoneyGram’s money transfer services will be available at nearly 600 locations in Bolivia, solidifying MoneyGram’s network in Bolivia.

Bolivia is an active send and receive remittance market, with transfers to the country primarily originating from Argentina, Brazil, Chile, Spain and the U.S., and outgoing transfers largely being sent to family and friends in Peru, Spain and the U.S.

“There is great demand among our customers for international remittances. With MoneyGram’s vast global network, we will be able to significantly expand our ability to meet their financial needs,” said Adolfo Guzman, Banco Ganadero’s chief financial officer. “We look forward to working closely with this respected global brand.”

“This new agreement expands MoneyGram’s network in Bolivia and solidifies our position as the leading provider of international remittances in Bolivia,” said Agustin Perez-Andrade, regional director of South America, MoneyGram. “As a leading retail bank specializing in services such as consumer loans, which are important to low-income consumers, Banco Ganadero is respected locally and well-known among Bolivians living abroad.”

Banco Ganadero operates in Santa Cruz, Bolivia’s largest commercial and industrial region. Santa Cruz is also recognized as the country’s leading revenue-producing region, placing MoneyGram in the hub of Bolivia’s banking community.

About MoneyGram

MoneyGram, a leading global 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 and bill payment services in the United States and Canada through a global network of more than 284,000 agent locations—including retailers, international post offices and financial institutions—in 196 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit or connect with us on Facebook.

Copyright Business Wire 2010