Nearly 150 locations in Thailand set to begin money transfer service in July
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.
The bank offers a platform to operate and offer a wide range of
financial products and services to Thai customers, both corporate and
retail. Through its subsidiaries, it also provides securities services,
mutual funds management, wealth management as well as insurance products.