The Bank of
Communications and MoneyGram International have signed an agreement that will
offer MoneyGram service throughout China. A signing ceremony was held at the
new headquarters of the Bank of Communications in Shanghai, China on
November 1.
Bank of Communications is the first joint-stock commercial bank in China
and is one of that country’s leaders in the remittance business. MoneyGram
service will be introduced initially at bank branches in major cities and then
rolled out to other cities step by step. Customers will soon be able to send
funds anywhere in the world through the MoneyGram network at any of the Bank
of Communication’s 2,700 outlets in 86 Chinese cities and five overseas
outlets.
MoneyGram International is one of the leading remittance companies in the
world. With more than 55,000 agents in 150 countries, the company is a
subsidiary of Travelers Express Company, Inc. ( http://www.temgweb.com
). Travelers
Express, a subsidiary of Phoenix-based Viad Corp (NYSE: VVI), is known as a
leader in the payment services industry, providing services to both the retail
and financial institution markets.
