MoneyGram Growth Continues in India: State Bank of India Joins Agent Network
DALLAS, Nov 16, 2011 (BUSINESS WIRE) -- MoneyGram announced today it has added the largest bank in India to its agent network. The State Bank of India (SBI) joined hands with MoneyGram International (NYSE:MGI) and its principal agent Thomas Cook (India) Ltd (TCIL), to provide in-bound money transfer services across SBI's key branches. Initially, the services will be made available in 100 SBI branches by year's end. The new partnership was announced at a press conference in Mumbai.
The relationship with SBI was aided by MoneyGram's key existing Super Agent, Thomas Cook (India) Pvt Ltd, and comes on the heels of India Post becoming a MoneyGram Super Agent in September.
According to The World Bank's Migration and Remittances Factbook 2011, India is the largest recipient country of remittances and the number two emigrating country in the world. Approximately $55 billion (USD) in remittances were sent to India last year.
"The State Bank of India has an extensive footprint within India, with nearly 13,000 locations across the country," said Dan O'Malley, MoneyGram executive vice president, Americas and Emerging Markets. "With SBI's local reach and our global network, we can deliver to our mutual customers the convenience of having more options for sending and receiving money."
MoneyGram has steadily been increasing the convenience for its customers to send and receive money to family and friends in India. MoneyGram offers a fast and reliable way to send money to any of its 34,000 locations across India.
Mr. Rajeev N. Mehra (CGM, SBI) noted, "With MoneyGram, our customers now have the added benefit of being able to receive money from abroad. We also have a long-standing relationship with Thomas Cook (India) Ltd. We are committed to offering our customers the best services and products available and this relationship reinforces this,"Mr. Mehra added.
Mr. Madhavan Menon, MD at Thomas Cook said, "A partnership of three powerful customer-centric brands (SBI, MGI, and Thomas Cook) augurs well for our customers and the money transfer business as a whole. As a Super Agent for MoneyGram, adding the impressive network of State Bank of India to our extensive pan-India footprint will ensure increased access and facilitate ease in transactions for our customers, by bringing inward remittances right to their doorstep."
About MoneyGram International
MoneyGram International, Inc. (NYSE: MGI) is a leading global payment services company. The Company provides consumers with an efficient and secure way to send and receive money globally, make urgent bill payments and purchase money orders. MoneyGram's products and services are conveniently available through more than 256,000 agent locations in 192 countries and territories. Certain products and services are also available online. For more information, visit the Company's website at http://www.moneygram.com or on Facebook.
About Thomas Cook (India) Ltd
With over 128 years of operation in India it is a part of the global Thomas Cook group. Thomas Cook PLC is a majority shareholder in the company. It has a large network in India with branches in 78 cities (including 8 overseas) and 213 locations (including 26 counters in 8 airports).Over 170 agents, 102 franchisees and over 2500 employees 24 hour call center and E portal for online bookings & information. We have won the 'Most trusted tour operator' award at Times Travel Honours in 2011 and the 'Most preferred company for foreign exchange' award in CNBC AWAAZ Awards - '09&10'
About State Bank of India
State Bank of India, with a 200-year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. With over 13800 branches, 25000 ATMs, it has the highest touch points in the entire banking space in India. It has a substantial international footprint with 131 branches in 32 countries spread worldwide across all time zones. It is the only Bank in India which is presently featured in the Top 500 (Rank 292) companies globally in the Fortune Magazine. The Government of India is the largest shareholder, with 59.73% share holding.
SBI has received many national and International awards including the prestigious international award "Innovations in Banking Technology Award" instituted by "The Banker", London and IDRBT Banking Technology Excellence Awards 2011. The Bank has also been conferred the Asian Banker Award "Strongest Bank in Asia Pacific Region". SBI is also a leader in the domestic remittance business besides having its own products like "SBI Express Remit", "Onlinesbiglobal" and tie-ups with other agencies. For more details, visit http://www.statebankofindia.com.
SOURCE: MoneyGram International, Inc.
MoneyGram International, Inc.
Patty Sullivan, 214-303-9923