Original posting: http://amcostarica.com/morenews3.htm
MoneyGram International, a global money transfer company, and Citi, the
financial services firm, announced Thursday an agreement to expand
MoneyGram’s money transfer services to all Citi locations in Costa
Rica, El Salvador, Guatemala, Honduras and Nicaragua.
“This important agreement extends MoneyGram’s presence in Citi’s
network across Central America,” said Dan O’Malley, MoneyGram
International executive vice president for the Americas. “MoneyGram’s
growth in Central America is a vital part of our global expansion
plans, and adding hundreds of agent locations across Central America
with a premier partner like Citi is a significant step in establishing
a foundation for future growth.”
In 2009, Central America received nearly $11.6 billion in remittances
according to the Inter-American Development Bank. Central
America is highly dependent on these funds as the bank
estimated it accounts for nearly 17 percent of the region’s gross
domestic product, said MoneyGram.
"Expanding our relationship with MoneyGram will provide Central
Americans in the region and their family and friends with affordable,
reliable and convenient money transfer services," said Constantino
Gotsis, a Citi executive.
Citi has grown extensively in the region since 2007 when it acquired
Grupo Cuscatlan and Grupo Financiero Uno. Both institutions had
provided MoneyGram money transfer services for 15 years in El Salvador
and Honduras.
MoneyGram began its global money transfer services in Central America
more than 15 years ago.
The company has expanded in the region and has a network comprised of
financial institutions and
retailers.