MoneyGram Expands Bolivian Network - Analyst Blog
30 8월 2012 - 12:59AM
Zacks
In order to further bolster its vast global network of money
remittance facilities, Moneygram International
Inc. (MGI) has added Banco Ganadero, Bolivia’s largest
bank based out of Santa Cruz, the hub of the country’s banking
community. The money transfer services will be made available
across almost 600 locations in Bolivia.
Per the agreement, the customers of the bank will be allowed to
remit money to and from the company’s network. MoneyGram has
already commenced its services at 30 bank locations, starting early
last month.
Following the announcement of the deal, the company’s shares
rose 2.45% (or 39 cents) to close at $16.32 yesterday. We believe
by expanding its services across a large number of locations,
MoneyGram will not only reduce its operational risk but also
strengthen its avenues of income.
MoneyGram has been on an expansion spree for quite some time
now. It has collaborated with foreign currency exchanges like Casa
de Cambio Angulo Lopez and Venegiros Casa de Cambio for expanding
its money transfer network across Venezuela.
MoneyGram also partnered with the State Bank of India (“SBI”) to
augment its presence in the sub-continent. It also renewed its
contract with Advance America and Coppel early this month to
facilitate the transfer of money through a large number of
locations.
One of MoneyGram’s major competitors, Western Union
Co. (WU), is also aggressively expanding its global
footprint. Recently, it announced an agreement with Veridian Credit
Union to serve its members with global money transfer facilities.
It also signed an agreement with Michigan-based Citizens Bank to
provide its global remittance services to Citizens Bank customers
via 219 of its branches across Ohio, Michigan and Wisconsin.
MoneyGram currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. We are also maintaining our
long-term Neutral recommendation on its shares.
MONEYGRAM INTL (MGI): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
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