MoneyGram adds Bancolombia, BCP, Banco Visión to money transfer network

Friday, July 22, 2011

US-based global money transfer company MoneyGram International (NYSE: MGI) has added three new agents to its network in South America - Bancolombia (NYSE: CIB) in Colombia, Banco de Crédito (BCP) in Peru and Banco Visión in Paraguay.

These lenders add 1,103 new agent locations to the company's network, thereby expanding MoneyGram's foothold in South America to 11,305 locations, the company said in a press release.

"We are seeing a remarkable rebound of remittance flows to Latin America and anticipate this will continue to improve the second half of this year and into 2012," said Dan O'Malley, MoneyGram's executive VP of the Americas and emerging markets.

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"With our strong relationships with our new and existing agents, we are well-positioned to meet consumer demand on the send and receive sides," O'Malley said.

To read MoneyGram's press release, go to this link