Western Union More Than Doubles Agent Locations in Egypt; Signs Money Transfer
Agreement With AlexBank
DUBAI, June 5, 2013
DUBAI, June 5, 2013 /PRNewswire/ --
Customers can send or receive money from 50 select bank branches; number of
locations to cross 120 by Q1 2014
Western Union (NYSE: WU), a leader in money transfer and global payment
services today announced that it has signed an agreement with AlexBank, the
Egyptian subsidiary of the Intesa Sanpaolo Group, to offer Western Union®
money transfer services in Egypt. With this agreement, Western Union has
increased its agent network in Egypt to three, with over 200 agent locations
offering its services.
(Logo: http://photos.prnewswire.com/prnh/20130515/613588 ) (Logo:
Under the agreement, AlexBank will initially provide the service in 50 select
branches across the country from where customers can send or receive money;
the number of branches will be increased to over 120 by the end of Q1 2014.
Jean Claude Farah, Western Union ' s Senior Vice President, Middle East and
Africa said, "Western Union connects consumers in some of the most remote
corners of Egypt to the rest of the world by maintaining an unsurpassed agent
network of over 90 locations across Egypt; and 515,000 retail locations in 200
countries and territories. This agreement with AlexBank consolidates our
market presence, taking our agent locations to over 200 owing to their
nationwide network of branches. Over 6 million Egyptians live abroad ^ , a
number that's continuously growing, and so is the need for a money transfer
service that's reliable and easy to use but also convenient in terms of
accessibility for the sender and the receiver."
Egypt accounts for over 40 percent of total remittance inflows to the MENA
region and the country saw a six-fold increase in remittances over the last
eight years to become the largest recipient ahead of Lebanon, Morocco, Jordan
and Tunisia according to the World Bank.
Bruno Gamba, Chairman of ALEXBANK , added, "Western Union represents the
latest in the Intesa Sanpaolo Group's continuous efforts to provide world
class services throughout our network. Both entities, with the support of the
Central Bank of Egypt, have put in a tremendous effort to bring this to
1. MINISTRY OF MANPOWER & IMMIGRATION REPORT
Hatem Sleiman, Western Union ' s Regional Vice President, Near East, Egypt,
Saudi Arabia and Sudan said, "Remittances are an essential source of income
for migrant families, meeting as much as 40 percent of household expenses ^
. With nearly two decades of experience in providing money transfer services
in Egypt, we see the need to extend our services to as many consumers as
possible by growing our agent base and number of locations. This alliance with
AlexBank is a clear example of two leading entities collaborating to meet the
growing needs of consumers. I would like to thank the Central Bank of Egypt
for their support and cooperation in enabling us to bring money transfer
services to more Egyptians and their families than ever before."
Bassel Rahmy, ALEXBANK ' s Director of Retail and SME Banking , added, "This
alliance will effectively deliver the service to every governorate in Egypt.
Egypt is a vibrant market with a sizeable diaspora of over 6.5 Million
individuals who frequently remit and transfer money back home. This alliance
puts us in pole position to capitalize on this market and provide WU services
to our existing customers while also opening our doors to non- AlexBank
customers who will experience our unique service proposition for the first
According to the 2013 Migration and Development Brief of the World Bank,
remittance flows to the Middle East and North Africa (MENA) region are
expected to grow by 5-6 percent during 2013-2015, mainly driven by Egypt but
also boosted by robust performance forecasted for the other key remittance
recipient countries of the region. Remittance inflows in MENA are estimated to
be about $49 billion in 2012.
Photo Caption (L - R):
Bassel Rahmy, ALEXBANK's Director of Retail and SME Banking, Bruno Gamba,
Chairman of ALEXBANK and Jean Claude Farah, Western Union's Senior Vice
President, Middle East and Africa
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services.
Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business
Solutions branded payment services, Western Union provides consumers and
businesses with fast, reliable and convenient ways to send and receive money
around the world, to send payments and to purchase money orders. As of
September 30, 2012, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately 515,000
agent locations in 200 countries and territories. In 2011, The Western Union
Company completed 226 million consumer-to-consumer transactions worldwide,
moving $81 billion of principal between consumers, and 425 million business
payments. For more information, visit http://www.westernunion.com .
2. 2013 Migration and Development Brief of the World Bank
AlexBank is one of Egypt's leading private sector banks. Established in 1957,
the bank later sold 70.25% of its shares to the Italian group Intesa Sanpaolo.
The IFC subsequently became a shareholder, acquiring 9.75% of the bank.
AlexBank has since launched an ambitious development strategy to move in line
with Intesa Sanpaolo's innovative systems and platforms and has recently set
the standard for branch design, IT infrastructure, services and a portfolio of
financial services. With a country wide network of 180 branches and over 1.5
million customers, AlexBank represents Egypt's largest private sector bank in
terms of branch network and one of the largest in terms of deposits with an 8%
For more information, visit http://www.AlexBank.com
Contact: For further information, please contact: Farah Ibrahim, TRACCS, Tel:
+971-4-3672530, TRACCS 24/7 Media Hotline: +971-50-9448389, Email:
firstname.lastname@example.org; Rania Chidiac, Director - Corporate Communications -
Middle East, Western Union Financial Services, Tel: +971-4-391-5244, Email:
Press spacebar to pause and continue. Press esc to stop.