DALLAS--(BUSINESS WIRE)--MoneyGram International (NYSE:MGI), a leading global money transfer company, and Grupo Elektra, S.A.B. de C.V. (BMV: ELEKTRA*; Latibex: XEKT), Latin America’s leading financial services company and specialty retailer, announced today that the companies have entered into a multi-year money transfer agreement in Mexico, adding Grupo Elektra’s more than 1,800 locations and points of sale to MoneyGram’s local network. MoneyGram’s services were immediately rolled-out at the Mexico locations and are available now.
MoneyGram and Grupo Elektra already offer money transfer services together in five other countries throughout Latin America. The addition of Mexico builds on this strong relationship and strengthens MoneyGram’s position in the U.S.-to-Mexico market, increasing the company’s network in Mexico by more than 10 percent.
“Grupo Elektra is an incredibly well-known and respected brand in Mexico and in the U.S.,” said Dan O’Malley, MoneyGram’s executive vice president for the Americas and Emerging Markets. “This new agreement strengthens our position in the Mexico market and builds on our recent momentum in the region.”
MoneyGram noted its U.S.-to-Mexico transaction volume continues to grow, with nine consecutive quarters of transaction volume growth, including 15 percent year-over-year growth in the fourth quarter of 2011.
About MoneyGram International
MoneyGram International, a leading global money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide and bill payment services in the United States and Canada through a global network of more than 267,000 agent locations—including retailers, international post offices and financial institutions—in 192 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit www.MoneyGram.com or connect with us on Facebook.
About Grupo Elektra
Grupo Elektra (www.grupoelektra.com.mx) is Latin America's leading financial services company focused on the mass market. The Group operates over 2,800 points of sale in Mexico, Brazil, Guatemala, Honduras, Peru, Panama, El Salvador and Argentina. Grupo Elektra also sells and markets its consumer finance, banking and financial products and services through Banco Azteca branches located in Mexico, Brazil, Panama, Guatemala, Honduras, Peru and El Salvador.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries in which they operate and improving society through excellence. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. The companies include Azteca (www.irtvazteca.com), Azteca America (www.aztecaamerica.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx) and Grupo Iusacell (www.iusacell.com.mx). Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. However, the member companies share a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.