MoneyGram Extends Exclusive Relationship with UK Post Office

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Mar 24, 2014, 11:00 ET

LONDON, March 24, 2014 /PRNewswire/ --

MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company has extended its exclusive relationship with Post Office Limited in the UK. The agreement allows customers to send and receive funds at over 11,500 Post Offices across the UK. The Post Office, which serves almost 18 million people a week, has been a MoneyGram agent since 1997.

"The renewal of this 17-year working relationship is a testament to a shared vision." says Carl Scheible, executive vice president, Europe, Africa and Emerging Channels at MoneyGram. "Together, MoneyGram and the Post Office's network are committed to meeting the needs of consumers who want convenient, reliable and fast money transfer services. We are delighted to continue our relationship with this trusted brand and look forward to continued growth of our shared business."

According to the World Bank, the UK is a major source of remittances with an outward money transfer market worth of $3.7 billion *.

Nick Kennett, Director of Post Office Financial Services said: "Financial Services is a very important part of the Post Office business, providing an invaluable service to people across all communities.

"We are delighted to renew our contract with MoneyGram following a competitive tender process. At the Post Office we want to make sure the services we offer are as accessible as possible to our customers through a network of over 11,500 branches and with the addition of longer opening hours."

MoneyGram has aligned with over 30 post offices around the world to provide consumers with convenient access to reliable and affordable money transfer services close to where they live and work."

About MoneyGram International

MoneyGram International, a leading 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 through a global network of 334,000 agent locations - including retailers, international post offices and financial institutions - in 200 countries and territories. MoneyGram also offers bill payment services in the U.S. and Canada. To learn more about money transfer or bill payment at an agent location or online, please visit moneygram.com or connect with us on Facebook.

About the Post Office

The Post Office already provides 170 different services and products spanning financial services including savings, insurance, loans, mortgages and credit cards. It also offers telephony; foreign currency; travel insurance and mail services. The Post Office has been serving communities in the UK for over 300 years and is currently one of the fastest growing Financial Services Company in the UK.

The Post Office, now independent of Royal Mail, has an unrivalled national network of around 11,500 branches across the UK, more than all the banks and building societies combined, and sits at the heart of many communities across the country. It serves around 18 million customers a week and half of all small businesses. 99.7% of people live within three miles of their nearest Post Office outlet with 93.1% within a mile.

* World Bank Migration and Remittances Factbook 2011