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"This important agreement extends MoneyGram's presence in Citi's network across Central America," said Dan O'Malley, MoneyGram International executive vice president for the Americas. "MoneyGram's growth in Central America is a vital part of our global expansion plans, and adding hundreds of agent locations across Central America with a premier partner like Citi is a significant step in establishing a foundation for future growth."
In 2009, Central America received nearly $11.6 billion in remittances according to the Inter-American Development Bank. Central America is highly dependent on these funds as the IADB estimated it accounts for nearly 17 percent of the region's gross domestic product.
Constantino Gotsis, cluster head for Central America and Regional Consumer Bank head for the Andean and Central America regions for Citi, said: "Expanding our relationship with MoneyGram will provide Central Americans in the region and their family and friends with affordable, reliable and convenient money transfer services. This agreement reflects our commitment to offer all Central Americans a wide range of products and financial services."
John Warner-Gutierrez, vice president of Latin America for MoneyGram, said, "We're pleased to grow our network with Citi in Central America and look forward to opportunities to expand MoneyGram services to Citi branches across other Latin America countries. All locations in Citi's Central America network are being added in phases, providing our consumers with more choices for convenient access to MoneyGram's fast, reliable money transfer services."
Citi has grown extensively in the region since 2007 when it acquired Grupo Cuscatlan and Grupo Financiero Uno. Both institutions had provided MoneyGram money transfer services for 15-years in El Salvador and Honduras.
MoneyGram began its global money transfer services in Central America more than 15 years ago. The company has expanded in the region and today has a leading network comprised of financial institutions and retailers.
Source: MarketWatch.com
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