MoneyGram to Acquire Money Transfer Businesses in Greece

Acquisitions bring MoneyGram closer to its consumers and add cash-to-account

Business Wire

DALLAS--(BUSINESS WIRE)--

MoneyGram (MGI), a leading global money transfer and payment services company, today announced it has acquired Advanced ChronoCash Services (“ACCS”) and has signed an agreement to acquire MoneyGlobe Payment Institution S.A., which are both based in Athens, Greece.

MoneyGram acquired super agent ACCS through a share purchase agreement. ACCS has been a MoneyGram agent since 2003, and has now grown to more than 400 locations with a loyal base of retail agents. The acquisition establishes a direct retail network for MoneyGram in Greece, enabling a closer relationship with its consumers.

Additionally, MoneyGram has signed an agreement to acquire the shares of MoneyGlobe Payment Institution S.A., a provider of cash-to-account money transfers from Greece to Bangladesh. The transaction is subject to closing conditions and regulatory approvals.

“ACCS has been a great partner to MoneyGram, building a strong network of quality retail agents,” said Carl Scheible, executive vice president of Europe and Africa at MoneyGram. “By acquiring the company, we will now be able to continue to expand the network directly in partnership with our agents who serve our consumers every day.”

In addition, Scheible said, the acquisition of MoneyGlobe will enable MoneyGram to offer a technology-driven solution that meets the unique needs of consumers in Greece. “As the Greek economy begins to improve, MoneyGram can now move more nimbly to capture new opportunities in this important market,” he said.

These latest acquisitions are important to MoneyGram’s offerings to customers in Greece and draw upon the company’s strategy to invest in products and services that enhance operations and provide increased convenience for customers.

About MoneyGram

MoneyGram, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide through a global network of 327,000 agent locations – including retailers, international post offices and financial institutions – in nearly 200 countries and territories. MoneyGram also offers bill payment services in the United States and Canada. To learn more about money transfer or bill payment at an agent location or online, please visit moneygram.com or connect with us on Facebook.

Contact:
MoneyGram
Mike Gutierrez, +1-214-303-9923
media@moneygram.com

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