Locations in Mexico Business Editors LAKEWOOD, Colo.--(BUSINESS WIRE)--April 16, 2002--MoneyGram Payment Systems, Inc., has signed a strategic alliance with Banco Mercantil del Norte, S.A., to provide its electronic money transfer service for U.S. customers sending funds to Mexico. Banco Mercantil del Norte, S.A., doing business as Banorte, is one of the largest banks in Mexico and the principal subsidiary of Grupo Financiero Banorte. The agreement, signed April 16 at Banorte's headquarters in Mexico City, will make MoneyGram's Cambio Plus service the featured money transfer service at Banorte's locations throughout Mexico. Cambio Plus service allows customers to send any amount of money to Mexico in 10 minutes for a flat $15 fee and offers one of the most competitive peso payout rates in the industry. In addition, customers receive a free 3-minute telephone call and an additional 5 percent discount off of the fees when they use their MoneyGram MoneySaver card. "MoneyGram's alliance with Banorte demonstrates our continued commitment to the Mexican market," said Tony Ryan, vice president and general manager for Travelers Express/MoneyGram. "This contract enhances MoneyGram's already strong presence in Mexico by adding 1,186 Banorte branches to our extensive network of locations available for money transfer payouts." Banorte's Director of Commercial Banking Othon Ruiz Montemayor believes the alliance will bring forth "a fruitful working relationship, that will be characterized by the excellence of service rendered by two leaders in their respective industries. We are very enthusiastic about the new service we will provide customers through MoneyGram, a leader in the money transfer business." MoneyGram Payment Systems, Inc., a subsidiary of Travelers Express Company, is a leading money transfer services company with more than 50,000 locations in more than 150 countries around the world. Travelers Express is a subsidiary of Viad Corp (NYSE:VVI) and provides payment services in the financial, retail and money transfer areas. Grupo Financiero Banorte (GFNorte) is 100% Mexican. Recently, they acquired Bancrecer, S.A., becoming the fourth in the market of deposits and third in credit approvals. This was an important step that kept them as a major competitor in their country. Banorte has a total of 1,186 locations and 2,700 ATMs throughout Mexico. Note: In addition to the transfer fees applicable to a transaction, a currency exchange rate set by MoneyGram or its agents will be applied.
MoneyGram Signs Strategic Alliance with Banorte; Adds 1,186