MINNEAPOLIS, Minn., May 11 -- Xinhua/PRNewswire/AsiaNet
MoneyGram Payment Systems, Inc. announced today that it will expand its money transfer network in Brazil dramatically with the addition of more than 2,400 Banco Itau locations. Banco Itau launched MoneyGram service today.
MoneyGram is a leading provider of money transfer services around the globe. As a result of the recent agreement with Banco Itau, MoneyGram will now be able to deliver extensive service throughout Brazil.
"We are excited about this new relationship with Banco Itau," said Phil Milne, MoneyGram's president and chief executive officer. "It's a name that's very trusted across Brazil and it's an organization that shares our strong commitment to providing quality customer service. We think Brazilians at home and abroad will be extremely pleased with MoneyGram's affordable, reliable and convenient service through Banco Itau."
"Today there are nearly 4 million Brazilians living abroad who send money home to their families in Brazil," said Paulo R. Soares, senior managing director. "Certainly their biggest concerns are the cost and reliability of their money transfer services. Through our new alliance with MoneyGram, we are able to give them the kind of money transfer service they want and need."
About Banco Itau
Banco Itau is the largest privately owned bank in Brazil, with more than nine million customers and $40 billion in assets.
About MoneyGram
MoneyGram, one of the world's leading money transfer services, has 68,000 agent locations (excluding Banco Itau) in 160 countries. It is a subsidiary of Travelers Express Company, Inc., which is a subsidiary of Viad Corp (NYSE:VVI). For more information or to locate a MoneyGram agent, visit www.moneygram.com
SOURCE MoneyGram Payment Systems, Inc.
--Distributed by AsiaNet (www.asianetnews.net)--