MoneyGram Adds Soneri Bank, Habib Metropolitan Bank To Growing Pakistan Region

MoneyGram (NYSE:MGI), a leading global money transfer company, announced today it has added Soneri Bank and Habib Metropolitan Bank to its growing list of agents in Pakistan offering international money transfer services.

The addition of Soneri Bank’s more than 200 locations and Habib Metropolitan Bank’s more than 150 locations to MoneyGram’s Pakistani network comes on the heels of a previous announcement that added four agent banks to MoneyGram’s Pakistani presence—a 30 percent agent network growth. Now, customers have access to money transfer options at more than 2500 rural and urban agent locations across Pakistan.

“This is a tremendous step forward in a geographically complex part of the world where proximity to a MoneyGram location is essential,” said Reza Samad, country manager of Pakistan, MoneyGram. “MoneyGram’s dedicated focus to growing the Pakistani network underscores the pent up demand in the region for international money transfer services. We are confident our network will bring our customers closer together through the money transfer services we provide.”

Pakistan is the sixth largest remittance market in the world and has more than three million Pakistanis living abroad in the United Arab Emirates, Saudi Arabia and other GCC countries alone.

In 2012, Pakistan received more than $13 billion in remittances, according to the State Bank of Pakistan, second only to India in the region. Other MoneyGram agents in Pakistan include: Bank AL Falah, Wall Street Exchange, MCB Bank Limited, KASB Bank, Tameer Bank, Bank AL Habib, Paracha International Exchange, Dollar East Exchange, and Royal Exchange.

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

Copyright Business Wire 2010

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