LAKEWOOD, Colo.--(BUSINESS WIRE)--July 10, 2000--MoneyGram
International and Hanvit Bank have signed an agreement to provide
international money transfer service to Korea, marking the first time
a money transfer company has been introduced to millions of South
South Koreans can receive funds with the well-known MoneyGram
money transfer service at all 791 Hanvit Bank branches located in
major cities all over the country. In addition, the agreement lets
customers transfer money within 10 minutes to virtually anywhere in
the world from 25 bank branches.
According to Iain Blackwood, CEO of MoneyGram International, the
new service is an immediate benefit for many South Koreans.
"Now those people living and working in other countries such as
the U.S., China and India can remit funds back to their families
quickly, conveniently and safely," he said.
Blackwood said other customers expected to use the service are
students living abroad, foreign travelers in need of emergency funds
and South Koreans who need to transfer funds domestically.
The announcement was made at the Radisson Seoul Plaza Hotel by
both companies' key officers -- Jin-Man Kim, CEO of Hanvit Bank and
Iain Blackwood of MoneyGram International. Also present at the
announcement were Mohit Davar, COO and CFO of MoneyGram International
and Andrew Tse, managing director Asia Pacific of Thomas Cook Group.
As South Korea's largest financial institution and one of the top
100 banks in the world, Hanvit Bank has total assets of more than
100 trillion won and offers a full range of banking services and
products for both individuals and corporations. Hanvit Bank was
created from the merger of The Commercial Bank of Korea and Hanil Bank
on January 4, 1999.
MoneyGram Payment Systems, Inc., a subsidiary of Viad Corp
(NYSE:VVI), is a leading money transfer services company with more
than 30,000 locations in more than 130 countries around the world.
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