MoneyGram has expanded its international agent network with the addition of Savings Bank of the Russian Federation (Sberbank) in Russia.
Initially, the Sberbank will introduce MoneyGram services in more than 7,000 locations with plans to expand to 10,000 bank branches.
Denis Bugrov, first deputy chairman of the board of Sberbank, said: “Joining MoneyGram’s international agent network will provide us the opportunity to meet our customer needs by supplementing our services and growing our international money transfer business to CIS and other markets around the world.”
Nigel Lee, executive vice president of MoneyGram Europe, Middle East, Africa and Asia Pacific, said: “We are extremely pleased to have the Savings Bank of the Russian Federation, and its vast number of locations, join our growing, global agent network.
“While MoneyGram has an established strong presence in the Commonwealth of Independent States (CIS), we hadn’t yet tapped into the full potential that Russia, one of the largest send countries, can offer our business. The agreement with Sberbank represents a significant opportunity to increase our reach and competitiveness in the region.”