July 16, 2009
BANGKOK, (BSW) - MoneyGram International (NYSE: MGI), a global money transfer company, announced today an alliance with CIMB Thai Bank Public Company Ltd. (formerly BankThai) to begin MoneyGram money transfer service at nearly 150 newly rebranded CIMB Thai branches in July.
The addition of CIMB Thai will increase MoneyGram's network in Bangkok by nearly 20 percent and add close to 50 key locations across upcountry Thailand.
"With the successful launch of CIMB Thai just a month ago, we promised to offer more products and services to our valued customers. Today, we are delivering on our promise and we are pleased to add MoneyGram's international money transfer services throughout our network in Thailand," said Khun Surachai Chitratsenee, Senior Executive Vice President of CIMB Thai.
"Specific retail international remittance service is a business which CIMB Thai has not been seriously involved in. Now, as we are part of CIMB Group, we are able to leverage the Group's network and relationship with its Indonesian counterpart to tie up with MoneyGram," added Khun Surachai.
He explained that the strategic alliance with MoneyGram is part of CIMB Thai's ongoing transformation programme's several quick-win initiatives and improvement opportunities, which are being implemented to ensure a smooth and effective turnaround for the bank.
"Our business is certainly on track for advancement. Rest assured, we can all look forward to more positive changes to the bank and we will continue to introduce more innovative products and services for the benefit and convenience of our valued customers," he stated.
Nick Cunnew, MoneyGram's senior regional director for Asia Pacific and South Asia, who was also present at the official launch and press conference, said: "Our primary focus is on adding more choices and convenience for money transfer customers to help them manage their financial needs. Globally, we added more than 30,000 locations last year and we are pleased to extend this growth to Thailand with our first expansion in the country since 2000. Our alliance with CIMB Thai will expand our reach in Thailand and make the MoneyGram service more accessible to customers in this important, growing money transfer market."
According to World Bank, an estimated USD1.8 billion was sent to Thailand in 2008 driven by the increasing number of Thai people studying, traveling and working abroad. The alliance between MoneyGram and CIMB Thai provides customers in Thailand with safe, convenient and reliable money transfer services.
To send or receive money in Thailand, customers can walk into any MoneyGram agent location, complete a simple form and show a photo identification to transfer funds in as little as 10 minutes (subject to agent availability and hours of operation. All fees are paid by the sender. When applicable, a currency conversion fee may apply).
About MoneyGram International, Inc.
MoneyGram International offers more choices and more control for people separated from family and friends by distance to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world in as little as 10 minutes. Its global network is comprised of 180,000 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.
About CIMB Thai Bank Public Company Limited
CIMB Thai (formerly known as BankThai) is the 10th largest commercial bank in Thailand in terms of total assets and has 147 branches across Thailand. It was established in August 1998 following the consolidation of 14 financial institutions in the aftermath of the Asian Financial crisis in 1997. As at 31 March 2009, its total assets and shareholders' funds were THB 180.4 billion and THB 7.6 billion respectively.
