Englewood, Colorado, United States
The Western Union Company (NYSE: WU), a worldwide leader in money transfer services, today announced that it has reached an important milestone in the growth of its global Agent network. With its latest opening in Chandigarh, India, Western Union and its affiliates, Orlandi Valuta and Vigo, now offer services through 300,000 locations around the globe.
Western Union continues to expand its global Agent network in response to consumer demand, fueled by long-term global migration trends, which create increasing cross-border remittances. In 2006, the World Bank reported that the global cross-border remittance market was estimated to be $269 billion.
"The past year has been one of the most exciting in Western Union's long history," said Christina Gold, President and CEO, The Western Union Company. "The newly independent Western Union is shaping its own future by continuing to deliver quality and value to our consumers and Agents around the globe. The announcement of our 300,000th Agent location is just one example of our commitment to customer satisfaction and the enhancement of the Western Union Agent network."
"Western Union continues to create rich opportunities by strengthening its brand, expanding and deepening relationships with consumers by re-investing in growing the business and strategically adding new agent locations to the Western Union network," said Hikmet Ersek, Executive Vice President and Managing Director Western Union, Europe, Middle East, Africa and South Asia. "According to the World Bank, India is the largest receiver of remittances with $23.4 billion received in 2006 alone, making it very appropriate that our 300,000th Agent location should be opening in India."
Western Union has more than 36,000 agent locations in India across more than 4,000 cities, towns and villages. This includes over 8,500 post offices, over 14,000 branches of leading banks and over 14,000 locations of leading public- and private-sector companies. Our newest agent location is run by Paul Merchants Limited, a principal agent for Western Union in India since 1998.
About The Western Union Company
The Western Union Company (NYSE: WU) is a leading provider of global money transfer services. Together with its affiliates, Orlandi Valuta and Vigo, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. It operates through a network of approximately 300,000 Agent locations in over 200 countries and territories. For more information, visit www.westernunion.com.
About Paul Merchants
Paul Merchants Limited (PML) is the flagship Company of the renowned "PAUL MERCHANTS" Group based at Chandigarh, a conglomerate having prominent interest in fields like Forex, International Money Transfer, Finance, Immigration, Tours & Travels and Holidays Packages and Air Ticketing. The Group also has a presence in the Entertainment Industry, Distribution of Petroleum Products and Distribution of Telecommunication Services. Paul Merchants Limited is listed on Delhi Stock Exchange.
PML commenced Money Exchange business in 1995 and at the moment is one of the leading players in Money Exchange arena & is rated amongst top ten sellers of American Express (AMEX) Travelers Cheques in India. The company is already well established in the money exchange business and is in all the major cities across the length and breadth of the country. Paul Merchants Limited had already been operating as a Western Union Agent, but this new long-term agreement broadens the corporation.
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CONTACT: The Western Union Company Sherry Johnson +1-720-332-4750 Director, Media Relations sherry.l.johnson@westernunion.com or PR EMEASA Cindy Nageli-du Pont +43-0-1-501-34-645 Director Corporate Communications cindy.dupont@intl.westernunion.com
Source: Business Wire (Business Wire India)