MoneyGram International Extends Strategic Partnership with FOREX Bank in the Nordics

November 3, 2009 2:00 AM EST

MoneyGram retains 100 key locations across region

STOCKHOLM--(BUSINESS WIRE)-- 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.

About MoneyGram International

MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited banking relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving in as little as 10 minutes. Its global network is comprised of 180,000 agent locations in 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer, please visit www.moneygram.com

About FOREX Bank

In 2003, FOREX Bank, the leading foreign exchange company established in 1965, extended its business into consumer banking. Today FOREX Bank offers currency, savings & loans, cash, credit & prepaid cards, payment & cashier services and money transfer. More products and services within the area of consumer banking are currently in development including mortgages and investments funds. Our services are available at over 100 conveniently located shops in Sweden, Finland, Denmark, Norway and UK, and at www.forex.se.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6089431&lang=en

    Source: MoneyGram International

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