In an effort to expand in Egypt,
Western Union Co.
) has signed an agreement with AlexBank to offer money transfer
services in the region.
AlexBank is one of the leading banks in the region and is the
Egyptian subsidiary of the Intesa Sanpaolo Group.
According to the pact, Alex bank will debut the money transfer
service across 50 select branches. The services will then
gradually be expanded to cover more branches. The bank targets to
serve its members in 120 branches across the country within a
Western Union is deeply engaged in supporting Egyptian
Businesses, and especially SMEs - which are the backbone of its
economy. Moreover it is estimated that more than 6 million
Egyptians live abroad and the number is expected to grow over
time which will fuel long term demand for money remittance.
Money remittance has increased six times over the past
eight years and accounts for a substantial chunk of the total
remittance flowing into the Middle East and North Africa region.
Western Union already has a strong presence in the Egyptian
region where has been operating for more than twenty years. At
present the company provides money transfer service in Egypt via
an agent network of over 90 locations across the country.
The agreement with AlexBank will further strengthen Western
Union's position in Egypt by increasing agent locations to over
200 over time.
Another money transferor
MoneyGram International Inc.
) also provides services in the Egyptian region.
Western Union currently retains a Zacks Rank #3 (Hold).
Other players --
Weight Watchers International
) both with Zacks Rank #2 (Buy) -- are worth considering.
MONEYGRAM INTL (MGI): Free Stock Analysis
VISA INC-A (V): Free Stock Analysis Report
WEIGHT WATCHERS (WTW): Free Stock Analysis
WESTERN UNION (WU): Free Stock Analysis
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