UPCOMING EVENTS
MoneyGram International Signs State Savings Bank of the Russian Federation as New Agent
07/26/2010
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Russian bank to add MoneyGram services in more than 7,000 locations with the possibility of 10,000 locations
MINNEAPOLIS & MOSCOW--(BUSINESS WIRE)--MoneyGram International (NYSE: MGI), a leading global money transfer company, announces it has signed a new agent in Russia, the Savings Bank of the Russian Federation (Sberbank). Sberbank, headquartered in Moscow, is the oldest and largest bank in Russia and Eastern Europe and is expected to be MoneyGram’s largest agent in the region. The bank will introduce MoneyGram services initially in more than 7,000 locations with plans to expand to 10,000 bank branches.
“Joining MoneyGram’s international agent network will provide us the opportunity to meet our customer needs by supplementing our services and growing our international money transfer business to CIS and other markets around the world”
“Joining MoneyGram’s international agent network will provide us the opportunity to meet our customer needs by supplementing our services and growing our international money transfer business to CIS and other markets around the world,” said Denis Bugrov, first deputy chairman of the board of Sberbank. “We look forward to a successful partnership with MoneyGram.”
“We are extremely pleased to have the Savings Bank of the Russian Federation, and its vast number of locations, join our growing, global agent network,” said Nigel L. Lee, MoneyGram’s executive vice president of Europe, Middle East, Africa and Asia Pacific. “While MoneyGram has an established strong presence in the Commonwealth of Independent States (CIS), we hadn’t yet tapped into the full potential that Russia, one of the largest send countries, can offer our business. The agreement with Sberbank represents a significant opportunity to increase our reach and competitiveness in the region.”
Russia is the third largest send market in the world after the U.S. and Saudi Arabia. Countries that receive the most in remittances originating in Russia are: Uzbekistan, Tajikistan and Ukraine. Russia is also in the top 20 receive countries in remittances.
About MoneyGram International
MoneyGram International offers more choices to people separated from family and friends by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 200,000 agent locations in more than 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions.
With MoneyGram’s special pricing on remittances sent from Russia to CIS starting at 1 percent of the transaction amount and the option of euro payout for customers in Russia receiving money from the Eurozone, MoneyGram provides the flexibility in remittances that meet customer needs on both ends of the transaction.
MoneyGram has been providing services in Russia since 1998, and in 2002, the company established a regional office in Moscow to support MoneyGram’s fast-growing business in the region. Other Russian agents include: Bank Uralsib, Rosbank, Russ-Bank, Sviaz-Bank, Raiffeisenbank, Moscomprivatbank, Russian Standard Bank and Vostochniy Express Bank, and others. MoneyGram has nearly 16,000 agent locations in the CIS region.
To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com or find us on Facebook.
About Sberbank
Sberbank (Savings Bank of the Russian Federation) is the largest Bank in Russia, Central and Eastern Europe, with about 30% of the total assets of the Russian banking system and around 260 000 employees. The Central Bank of the Russian Federation is the founder and the majority shareholder of Sberbank (over 60% of the voting shares), with the rest of the shares dispersed among more than 200 thousand individuals and legal entities. The Bank has the most ramified branch network in Russia: 17 Regional Head Offices, over 20 thousand branches and banking outlets, as well as subsidiaries in Kazakhstan and Ukraine. The Bank holds the General License # 1481, issued by the Central Bank of the Russian Federation. www.sberbank.ru
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