MoneyGram International (NYSE: MGI), a leading global money transfer company, is expanding its presence in the Arabian Gulf region. The company announces it has signed an agreement with BFC Group Holdings, which includes its subsidiaries of Bahrain Financing Company (BFC) in Bahrain and Bahrain Exchange Company (BEC) in Kuwait. BFC will provide MoneyGram money transfer services in Bahrain, adding 25 locations in the island country and BEC of Kuwait will provide the service in its 21 locations across the country.
"As a global company, we look for strong regional organizations to help expand our reach," said Richard Meredith, regional director of MoneyGram. "We were attracted to BFC's strong branch network in the GCC, as well as its long history in Bahrain and Kuwait. We are positive this will be a mutually beneficial partnership."
BFC and BEC, both leading money exchange agencies have been in the business of remittance for many years, however, with the signing of this deal, customers can also take advantage of international services through MoneyGram's vast network of more than 203,000 agents and 190 countries and territories around the world.
Mr. Ebrahim Nonoo, CEO and managing director of BFC Group Holdings, commented, "The MoneyGram deal is a key part of our vision to increase our global footprint over the next five years. We have a 90-year history of moving money smartly and efficiently, and the partnership with MoneyGram can give our customers even more confidence that their money is getting to their families quickly. Additionally, MoneyGram's international customers now have wider access to BFC and BEC's strong branch network across Bahrain and Kuwait."
To celebrate the company's expansion in the region, MoneyGram is conducting a special promotion from Nov, 2010 to Dec 31, 2010. During this time, customers will receive a phone card worth BHD 1 with every money transfer conducted at BFC locations in Bahrain.