BWI: MoneyGram International to Bet Big on Indian Market, Says Chairman & CEO Pamela Patsley on Her First Official Visit to India

Press release from Business Wire India
Source: MoneyGram International
Monday, April 26, 2010 11:30 AM IST (06:00 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst
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MoneyGram International to Bet Big on Indian Market, Says Chairman & CEO Pamela Patsley on Her First Official Visit to India
Shares Business and Expansion Plans for India and present MoneyGram donation to India Red Cross

Mumbai, Maharashtra, India, Monday, April 26, 2010 -- (Business Wire India) -- MoneyGram International (NYSE:MGI) Chairman and Chief Executive Officer, Pamela H. Patsley, shared the business and expansion plans of MoneyGram during her first visit to the Indian sub-continent. Patsley is in India to host a conference for MoneyGram agents from across South Asia and the Middle East to discuss the current business climate and the company's expansion plans in regions. The conference was held in Kochi, in the state of Kerala, in recognition of the significant level of remittances received there, particularly from the Middle East.

MoneyGram entered the Indian market almost 10 years ago and since has developed relationships with 20 major banks and has nearly 22,000 agent locations throughout the country. Most recently, the company made a significant commitment to the market by opening regional offices in Mumbai and Delhi to support agents and ensure the best possible customer service in South Asia. MoneyGram's presence in the region provides an important service to the more than 25 million non-resident Indians who continue to have links to India.

"MoneyGram's presence in India is going to be vastly bigger than it is today," said Patsley. "Our focus is on double-digit growth-in transactions, revenue and market share-here and around the world. Our opportunities to meet remittance demands are changing rapidly. In 2009, we added our service at ATMs in the Middle East, which is an important send market for India, and provided our first transfers direct to a mobile phone. If it's a remittance transaction, we want to touch it, whether online, by phone or at one of our global agent locations."

The World Bank estimates that remittances in India totaled approximately $52 billion in 2008, which is 14 percent of the more than $400 billion global remittance market.

The Middle East, which is an important growth market for MoneyGram in its own right, is closely tied to India. Many of the foreigners currently working in locations such as Saudi Arabia and the UAE are Indians who send funds home to support their families. Key receive states in India include Andhra Pradesh, Gujarat, Kerala, Maharashtra, Punjab and Tamil Nadu. The Gulf Cooperation Council (GCC) States alone have more than 25 million expatriates and remittances sent from those countries reached an estimated $48 billion in 2008. MoneyGram continues to build out its network in these important send and receive markets, introduce its brand to consumers and provide them with a choice for safe, reliable money transfer services.

Patsley's visit to India is confirmation of the company's commitment to the South Asia and Middle East regions as the trend of migration between the regions and to other countries around the world continues. With more than 190,000 valued agent locations in more than 190 countries and territories, MoneyGram's goal is to provide more choices, added value and increased convenience to consumers all over the world.

About MoneyGram International

MoneyGram International offers more choices for people separated from friends and family by distance or those with limited bank 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 at available agent locations in as little as 10 minutes. Its global network is comprised of 190,000 agent locations in more than 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com or follow us on Facebook.


CONTACT DETAILS
Sabrina Chan, MoneyGram International, +852.2879.9903, schan@moneygram.com
Saleela Kappan, RED Communications, +91 (80) 25354749/ +91 9980188938, saleelak@redcommunications.in

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst

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