MoneyGram International Announces Alliance with CIMB Thai Bank
MINNEAPOLIS--(BUSINESS WIRE)--Jul. 15, 2009--
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 CIMB Thai branches in July. The addition of CIMB Thai will increase
MoneyGram’s network in Bangkok by nearly 20 percent and add key
locations in rural communities across Thailand.
Nick Cunnew, MoneyGram’s senior regional director for Asia Pacific and
South Asia, 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 2004. 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
Khun Subhak Siwaraksa, president and CEO of CIMB Thai, said: “When we
brought Bank Thai into the CIMB network 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
According to World Bank, an estimated $1.8 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.
Beyond its growth in Thailand, MoneyGram recently announced expansion
plans in Cambodia with Advanced Bank of Asia to provide money transfer
service at each of its branches. In 2008, MoneyGram added home delivery
service in Vietnam with its agent DongA Bank.
Cunnew added, “Growing our locations across Asia is a top priority in
2009. It’s important to strengthen our agent network in growth markets
like Thailand and Cambodia to provide more immigrant workers and their
families access to our affordable service.”
To send or receive money in Thailand or any of the 190 countries and
territories in MoneyGram’s network, 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 control and more choices 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.
In Thailand, MoneyGram service is available at all branches of Siam
Commercial Bank and TMB Bank.
Source: MoneyGram International
Lynda Michielutti, 952-591-3846