MoneyGram (MGI) Announces Extension of FOREX Bank Agreement
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MoneyGram International (NYSE: MGI), a leading global money transfer company, today announced an extension of its long-standing agreement with FOREX Bank, one of the world's largest foreign exchange bureaus.
FOREX Bank has partnered with MoneyGram International since 2004, providing International money transfers across 100 locations in Sweden, Denmark, Finland and Norway.
"We are delighted to extend our agreement with such a strategic partner. FOREX Bank has delivered strong, transaction growth year-on-year," said Mark Crowson, regional director for Northern Europe at MoneyGram.
Crowson continued, "FOREX Bank offers solid network coverage, a reputation for exceptional customer service and a well-known, respected brand. We look forward to working closely in growing the MoneyGram brand, identifying new growth opportunities and developing new products and channels."
Daniel Soderberg, deputy managing director at FOREX Bank, added "We are extremely pleased to continue our long-term partnership with MoneyGram. As FOREX Bank evolves from a foreign exchange bureau into a consumer bank, it is critical that we offer compelling financial services that both retain current customers and acquire new ones. We are excited about the future and growing our money transfer business with MoneyGram."
The completion of the new agreement illustrates the opportunity presented by money transfers in the Nordic Region - particularly in light of the volume of money sent overseas from Sweden and Norway by growing migrant populations.
According to the World Bank, the Nordics represents a key remittance market with an estimated 3 million immigrants currently residing and working across the region.
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