LONDON, December 20, 2010 /PRNewswire/ -- Small World Financial Services Group and Choice Money Transfer have today announced the signing of a definitive agreement to combine the operations of the two organisations to create one of the world's largest money transfer organisations.
The combined Small World group trades in thirteen countries across Europe and North America, with a turnover of over $2.5bn, taking two strong regional players and creating a top ten global business that is extremely well positioned to take advantage of the recent return to growth of the industry.
"This transaction catapults us into the top tier of global remittance players," said Nick Day, Group CEO at Small World, "while creating massive opportunities for cost synergies and opening up new geographic markets and corridors for both companies. The combination of our global payment networks and deployment of our advanced technology platform will greatly accelerate our growth trajectory."
Kevin Neuschatz, the CEO of Choice Money Transfer, will become part of the leadership team. Kevin said, "I look forward to working with Nick and the Small World team, and to making the most of their platform and new technology to drive sales through leveraging the outstanding service we are able to offer our customers."
About Choice Money Transfer
Choice Money Transfer Inc. is a fast growing provider of consumer money transfer services committed to service excellence, regulatory compliance, and sound management principles. Choice Money Transfer has a network of correspondents in over 45 countries throughout Africa, Asia, Latin America, and Europe consisting of over 30,000 payout locations. For more information, visit www.choicemoneytransfer.com.
About Small World Financial Services Group
Small World Financial Services Group is the largest independent money transfer company in Europe. It provides global consumer-to-consumer money transfer services through a sending network of agents and Company-owned stores, disbursing money transfers through a worldwide payer network of 130,000 cash pickup locations in 90 countries, as well as disbursement to bank accounts and mobile wallets. In addition to money transfer, Small World provides telephony services, insurance products, prepaid debit cards, and cheque cashing. For more information, visit http://www.smallworldfs.com.
SOURCE Small World Financial Services Group Ltd