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MoneyGram Doubles Network in Serbia, Adding Five Retail Banks

Dec. 7 (Bloomberg) -- MoneyGram International Inc expanded its money-transfer services in Serbia as it agreed on cooperation with the units of Piraeus Bank SA, EFG Eurobank Ergasias SA, AIK Banka AD, Privredna Banka AD, and Credy Banka AD.

Doubling the number of branches that offer its services to 632 will support MoneyGram’s “consistently double-digit growth” in the Balkan country where cash-to-cash transfers from expatriates are around $500 million a year, Regional Director Marietta Doxopoulou said at a news conference today in Belgrade.

MoneyGram entered the market in 2008 and sees it as “still at an immature stage, with a lot of potential,” she said.

Total remittances from the Serbian diaspora are around $5.5 billion a year, according to government estimates. MoneyGram already works in Serbia with Agrobanka AD and the local units of Oesterreichische Volksbanken AG and Alpha Bank AE.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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