500 agent locations in Spain acquired by MoneyGram

In order to act in the line with the company strategy MoneyGram International, a leading global payment services company made a decision to purchase MoneyCard World Express, S.A. and Cambios Sol S.A., two money transfer entities affiliated with its network in Spain. The strategy of the company is to accelerate expansion and assume more control over network growth and distribution in key send markets.

Under the terms of the agreement MoneyGram acquired about 500 agent locations in Spain. The seat of the general manger was occupied by Pedro Moragriega, a former MoneyCard executive. He is to report to Giovanni Crociani, MoneyGram's vice president retail and owned agents.

The foreground task of MoneyGram is to further strengthen and diversify its agent network in strategic markets worldwide. The kind of acquisitions ensures a money transfer license for MoneyGram in Spain and a platform to enhance the business in a highly competitive market and a latest technology process in accordance with existing Anti-Money Laundering regulations.