MoneyGram and National Commercial Bank launch global money transfer network

MoneyGram International, a leading global money transfer company, and National Commercial Bank (NCB), the largest bank in the Middle East, announced today an agreement to offer MoneyGram’s international money transfer service at NCB’s 1,400 ATM locations, creating one of the largest money transfer networks in Saudi Arabia. The agreement significantly expands MoneyGram’s presence in this important country and provides consumers in Saudi Arabia with more convenience and greater access to money transfer services through a network more than 10 times larger than any other money transfer network currently available in Saudi Arabia. A global remittance leader and home to more than 6 million expatriates, Saudi Arabia saw remittances grow to more than $17 billion in 2006, according to the World Bank. In addition to the fact that 27 percent of Saudi Arabia’s population is foreign born, the demand for money transfer services is also driven by the growing number of Saudis studying, traveling and working abroad. Anthony Ryan, president and CEO of MoneyGram International, the company’s executives John Hempsey, head of MoneyGram International, Limited, Herve Chomel, vice president of International Markets, and Richard Meredith, head of MoneyGram’s Dubai office, met today with NCB leaders to announce the expansion and launch the new service throughout the country’s major cities of Riyadh, Jeddah, Dammam and Khobar. MoneyGram money transfers at NCB will be sent over NCB’s Quickpay platform. Initially, only send services will be available. “Saudi Arabia is the second largest send market in the world behind the United States, and our alliance with a premier financial institution like National Commercial Bank represents a significant opportunity for MoneyGram’s expansion plans in the Middle East,” said Ryan.