MoneyGram Announces New Agent Agreement With Qingdao Rural Commercial Bank

MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company, announced today that it has signed an agreement with Qingdao Rural Commercial Bank (Qingdao RCB). Based in Qingdao, one of the largest cities in the Shangdong province of China, the agreement enables convenient money transfer service access for both urban and rural Qingdao residents, and foreign expatriates sending funds back home to family in Qingdao and nearby cities. Money transfer services are now available at all 330 Qingdao RCB locations.

Mr. Liu Zong Bo, president of Qingdao Rural Commercial Bank, Mr. Liu Xing Gang, Chairman of supervisory board of Qingdao Rural Commercial Bank, Mr. Ding Ming Lai, vice president of Qingdao Rural Commercial Bank and Mr. Grant Lines, executive vice president at MoneyGram attended the official signing ceremony.

“Our agreement with Qingdao RCB is another step forward for MoneyGram in China,” said Grant Lines, executive vice president, Asia Pacific, South Asia and Middle East, MoneyGram. “Consumers in both rural and urban areas around Qingdao are now able to conveniently and quickly receive and transfer funds from friends and relatives around the world. Given the increasing need for international money transfer services for our consumers in this region, it is an area where we are happy to have an increasing footprint.”

Formed in 2012, Qingdao Rural Commercial Bank was first established in 1951 as rural credit cooperative. The company is the fastest growing financial organization in Shangdong province and is a nationally recognized brand in China.

About MoneyGram International

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 336,000 agent locations — including retailers, international post offices and financial institutions — in more than 200 countries and territories. MoneyGram also offers bill payment services in the U.S. and Canada. 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