The Western Union Company (NYSE: WU), a leading provider of global
money transfer services, today announced that Reliance Capital Ltd,
the Anil Dhirubhai Ambani Group financial services firm, is now one of
Western Union's principal agents in India.
This relationship has come into effect after Reliance Capital
acquired a 100 percent stake in Kuoni Group's foreign exchange unit
Travelmate Services (India) Pvt Ltd in November 2006. Travelmate has
been Western Union's principal agent for more than 10 years.
The 36,000 strong Western Union Agent location network comprises
more than 3,000 Travelmate locations.
Anil Kapur, Managing Director-South Asia, Western Union Financial
Services, said, "Western Union's association with Reliance Capital,
one of the leading business groups of India, is a very significant
benchmark for us at Western Union. We are looking forward to a
mutually beneficial and long-term relationship with Reliance Capital
by reaching out to many customers who depend on the Western Union
network to receive money sent to them from their loved ones abroad."
According to The World Bank's Global Economic Prospects report -
2006, India is the world's largest receiver of remittances, with 23.4
billion US dollars being remitted into India.
Reliance Capital is one of India's leading and fastest-growing
private-sector financial services companies, and ranks among the top
three private-sector financial services and banking companies in terms
of net worth. Reliance Capital has interests in asset management and
mutual funds, life and general insurance, private equity and
proprietary investments, stock broking and other activities in
financial services.
About Western Union
Western Union, together with its affiliates Orlandi Valuta and
Vigo, are leading providers of global money transfer, providing people
with fast, reliable and convenient ways to send money around the
world, pay bills and purchase money orders through a network of
approximately 300,000 Agent locations in over 200 countries and
territories. For more information, visit www.westernunion.com.
About Reliance Capital
Reliance Capital Ltd is a part of the Reliance - Anil Dhirubhai
Ambani Group. Reliance Capital is one of India's leading and
fastest-growing private-sector financial services companies, and ranks
among the top three private-sector financial services and banking
companies in terms of net worth. Reliance Capital has interests in
asset management and mutual funds, life and general insurance, private
equity and proprietary investments, stock broking and other activities
in financial services.
WU-G
