Englewood, Colo. (BUSINESS WIRE) - Absa Group Limited and The Western Union Company (NYSE: WU) have signed an agreement which will make Western Union? Money Transfer services available via the Absa branch network in South Africa. The service, which will be available for both inbound and outbound transfers, is scheduled to be launched in the second half of 2008.
Absa Group Limited is one of South Africa's largest financial services organizations, offering a complete range of banking, bancassurance and wealth management products and services.
Western Union is a leading provider of global money transfer services, giving consumers fast, reliable and convenient ways to send and receive money around the world via a network of more than 335,000 Agent locations in more than 200 countries and territories.
The multi-year agreement will allow consumers to receive and send money in selected locations of the Absa network using the Western Union Money Transfer system. According to the World Bank, the remittance market in South Africa was valued at approximately $735 million inbound and $1 billion outbound in 2006.
"Absa and Western Union have a strong focus on creating an exceptional overall customer experience," said Alfie Naidoo, executive director of Absa. "This cooperation will provide customers with reliable, convenient and trusted money transfer services.""We are delighted to be able to expand our network coverage into South Africa, working with Absa, one of the top performing banks in the country. We look forward to a long and successful cooperation," says Hikmet Ersek, executive vice president and managing director, Western Union, Europe, Middle East, Africa, South Asia.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global money transfer services. Together with its affiliates, Orlandi Valuta and Vigo, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. It operates through a network of more than 335,000 Agent locations in over 200 countries and territories. Famous for its pioneering telegraph services, the original Western Union dates back to 1851. For more information, visit www.westernunion.com.
About Absa
The Absa Group Limited (Absa), listed on the JSE Limited, is one of South Africa's largest financial services groups, offering a complete range of banking, bancassurance and wealth management products and services. Absa's business is conducted primarily in South Africa. In addition to this, the Group has equity holdings in banks in Mozambique, Angola and Tanzania. At 31 December 2007, the Group had 679 million shares in issue and a market capitalisation of R75 billion. At 31 December 2007, Absa had assets of R641 billion, 892 points of presence, 9 million customers, 7 687 automated teller machines and 36 893 permanent employees. Absa is a subsidiary of Barclays Bank PLC, which holds a stake of 58.8% in the Group. Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia. For more information, please visit the Absa website: www.absa.co.za.
WU-G
The Western Union CompanyAnja Reitermann,
+43-1-50134-550anja.reitermann@intl.westernunion.com
Absa Group Limited is one of South Africa's largest financial services organizations, offering a complete range of banking, bancassurance and wealth management products and services.
Western Union is a leading provider of global money transfer services, giving consumers fast, reliable and convenient ways to send and receive money around the world via a network of more than 335,000 Agent locations in more than 200 countries and territories.
The multi-year agreement will allow consumers to receive and send money in selected locations of the Absa network using the Western Union Money Transfer system. According to the World Bank, the remittance market in South Africa was valued at approximately $735 million inbound and $1 billion outbound in 2006.
"Absa and Western Union have a strong focus on creating an exceptional overall customer experience," said Alfie Naidoo, executive director of Absa. "This cooperation will provide customers with reliable, convenient and trusted money transfer services.""We are delighted to be able to expand our network coverage into South Africa, working with Absa, one of the top performing banks in the country. We look forward to a long and successful cooperation," says Hikmet Ersek, executive vice president and managing director, Western Union, Europe, Middle East, Africa, South Asia.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global money transfer services. Together with its affiliates, Orlandi Valuta and Vigo, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. It operates through a network of more than 335,000 Agent locations in over 200 countries and territories. Famous for its pioneering telegraph services, the original Western Union dates back to 1851. For more information, visit www.westernunion.com.
About Absa
The Absa Group Limited (Absa), listed on the JSE Limited, is one of South Africa's largest financial services groups, offering a complete range of banking, bancassurance and wealth management products and services. Absa's business is conducted primarily in South Africa. In addition to this, the Group has equity holdings in banks in Mozambique, Angola and Tanzania. At 31 December 2007, the Group had 679 million shares in issue and a market capitalisation of R75 billion. At 31 December 2007, Absa had assets of R641 billion, 892 points of presence, 9 million customers, 7 687 automated teller machines and 36 893 permanent employees. Absa is a subsidiary of Barclays Bank PLC, which holds a stake of 58.8% in the Group. Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia. For more information, please visit the Absa website: www.absa.co.za.
WU-G
The Western Union CompanyAnja Reitermann,
+43-1-50134-550anja.reitermann@intl.westernunion.com
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