Rochester,NY 7/7/2009 1:27:08 AM
Afternoon Movers - MGI - MoneyGram signs deal with Saudi bank - Sourced WhisperFromWallStreet.com
Moneygram International Inc
Afternoon Movers - MGI - MoneyGram signs deal with Saudi bank - Sourced WhisperFromWallStreet.com
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Moneygram International Inc.MGI
After Hours: 2.22 Down 0.13 (5.53%) 2:23pm ET
Payment services company MoneyGram International Inc. has signed a deal with National Commercial Bank, the largest bank in the Middle East, to offer a money transfer service at the bank's 1,400 ATM locations in Saudi Arabia, the companies said on Tuesday.
Financial terms were not disclosed.
The agreement "significantly expands" MoneyGram's presence in the country, the company said. MoneyGram said 27 percent of Saudi Arabia's population is foreign born, and "the demand for money transfer services is also driven by the growing number of Saudis studying, traveling and working abroad."
MoneyGram's shares fell 1 cent to $1.77 in midday trading.
About
MoneyGram International, Inc., through its subsidiaries, provides payment services worldwide. It operates in two segments, Global Funds Transfer and Payment Systems. The Global Funds Transfer segment provides money transfer services, money orders, and bill payment services to consumers, such as unbanked, underbanked, and convenience users. This segment also offers its money transfer services on the Internet through its MoneyGram eMoneyTransfer service, as well as through a network of retail agents in North America, Latin America, western Europe, the Middle East, the Indian subcontinent, the Asia Pacific, eastern Europe, and Africa. It sells its money orders under the MoneyGram brand, as well as on a private label or co-branded basis with retail agents. This segment?s bill payment suite of services allow consumers to make urgent payments or pay routine bills through its network to various creditors in credit card, mortgage, auto finance, telecom, satellite, property management, prepaid, and collections industries. The Payment Systems segment primarily provides official check outsourcing and sale of money orders, as well as automated clearing house processing services to financial institutions, thrifts, and credit unions.
Last Trade: 2.24
Day's Range: 2.03 - 2.29
52wk Range: 0.80 - 2.47
Volume: 1,345,712
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