RemittancesGateway.org

MoneyGram International Targets Benelux Growth with Acquisition of Blue Dolphin Financial Services

Thursday, 04 March 2010 09:41

Source: Marketwatch

Belgium-based company had served as MoneyGram agent since 2005

MoneyGram International, a leading global money transfer company, announced today it acquired Blue Dolphin Financial Services as part of the company's strategy to grow its owned retail network in regions with strong remittance potential. Today, there are 18 Blue Dolphin locations in Belgium and the Netherlands and the acquisition, along with the expanded opportunities for payment institutions introduced by the European Union in November, are the foundation for MoneyGram's growth across Belgium, the Netherlands and Luxembourg.

"Blue Dolphin has exceeded our expectations as an agent and we're eager to grow both locations and transactions across this important remittance region," said John Hempsey, MoneyGram's executive vice president of Europe, Middle East, Africa and Asia Pacific. "This region is a key source of remittances for Turkey and many countries in Europe and Africa, including Congo, Democratic Republic of Congo and Morocco."

In addition to its recent acquisition, MoneyGram operates retail branches in France and Germany.

"Owning our own network in key European markets has been essential to our growth," Hempsey said. "Our retail expansion in France was a catalyst for adding eight French-speaking countries across Africa and Oceania since 2008. The recent directive from the EU encourages trade within payments businesses and owning our own network supports our growth in highly regulated countries.

"Blue Dolphin has served our customers for several years and we'll now begin to manage these locations directly to grow our Benelux business and our opportunities in receive countries as well," Hempsey said.

About MoneyGram International

MoneyGram International offers more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 190,000 agent locations in more than 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com or follow us on Facebook.

MoneyGram International 
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