Boston, MA 06/27/2014 (wallstreetpr) – The Western Union Company (NYSE:WU), a global money transfer provider, is leaving no stone unturned in its efforts to create value for shareholders. Fresh from reaching an important agreement in Russian that saw the company retain its operations in the market amid sanction pressures, Western Union has announced the expansion of its footprint in Saudi Arabia.
The company has partnered with Saudi Postal Corporation and Alinma Bank to offer its money remittance services to many more customers in the Kingdom. Saudi Postal Corporation is a government-controlled business that has been seeking to strengthen ties with the private sector to provide world-class financial services in the market. Alinma Bank is a private institution that is billed as the fastest growing banking entity in the kingdom.
More than 200 locations
Under a joint venture known as Ersal, Saudi Postal Corporation and Alinma Bank will offer Western Union Company (NYSE:WU) remittance services to their partners and customers across the country through post offices. The services will be immediately available at 15 post office locations across Saudi Arabia in a move that will bring the number of Western Union locations in the Kingdom to more than 200. Starting with 15 locations immediately, the companies will expand the service to more post office locations throughout the country.
Big market opportunity
The Western Union Company (NYSE:WU) welcomes the partnership of Saudi Postal Corporation and Alinma Bank because it will increase its presence in Saudi Arabia, which is considered the second highest remittance-sending country in the world. The country has more than 9 million expatriate workers, and that makes it a key market for global remittance companies.
Global operations
The Western Union Company (NYSE:WU) operates in more than 200 countries worldwide, and it is keen to increase its global footprint in order to attract more revenue. However, that is happening at a time when the company is criticized over its expensive money transfer services. The company recently hinted that it could start offering a regulated Bitcoin.
