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MoneyGram and Bank of South Pacific Sign Agreement

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MoneyGram (NASDAQ: MGI), a global provider of innovative money transfer and payment services announces today that the company has reached an agreement with Bank of South Pacific that will enable customers in Samoa and Tonga to receive cross-border remittances.

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"While we continue to see growth in the economies in Samoa and Tonga, many of the citizens are still dependent on remittances from family members from around the world to help with daily expenses," says Michael Minassian, MoneyGram's senior regional director for Australia and Oceania.

"We are happy to continue to meet and service the money transfer needs of our customers with the MoneyGram product," says Paul Thornton, general manager of retail at Bank of South Pacific.

According to the World Bank, more than USD200 million is sent to Samoa and Tonga annually, most of which comes from Australia, New Zealand and the United States.

The new agreement with Bank of South Pacific was completed after the bank purchased the banking operations of Westpac Banking Corporation in several Pacific markets.

 

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Posted-In: M&A News Press Releases

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