MoneyGram services will be provided by the largest Russian bank

MoneyGram has added the Savings Bank of the Russian Federation (Sberbank) to its remittances network. Now Sberbank, the oldest and largest bank in Russia as well as Eastern Europe, will be MoneyGram’s largest agent in the region. Initially, the bank will provide MoneyGram services in over 7,000 locations across the country.

Russia is the third largest send market in the world after the U.S. and Saudi Arabia. Countries that receive the most in remittances originating in Russia are: Uzbekistan, Tajikistan and Ukraine. Russia is also in the top 20 receive countries in remittances.

“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,” said Nigel L. Lee, MoneyGram’s executive vice president of Europe, Middle East, Africa and Asia Pacific. “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.”