Absa Group Limited and The Western Union Company (NYSE: WU) have
signed an agreement which will make Western Union(R) Money Transfer
services available via the Absa branch network in South Africa. The
service, which will be available for both inbound and outbound
transfers, is scheduled to be launched in the second half of 2008.
Absa Group Limited is one of South Africa´s largest financial
services organizations, offering a complete range of banking
bancassurance and wealth management products and services.
Western Union is a leading provider of global money transfer
services, giving consumers fast, reliable and convenient ways to send
and receive money around the world via a network of more than 335,000
Agent locations in more than 200 countries and territories.
The multi-year agreement will allow consumers to receive and send
money in selected locations of the Absa network using the Western
Union Money Transfer system. According to the World Bank, the
remittance market in South Africa was valued at approximately $735
million inbound and $1 billion outbound in 2006.
"Absa and Western Union have a strong focus on creating an
exceptional overall customer experience," said Alfie Naidoo, executive
director of Absa. "This cooperation will provide customers with
reliable, convenient and trusted money transfer services."
"We are delighted to be able to expand our network coverage into
South Africa, working with Absa, one of the top performing banks in
the country. We look forward to a long and successful cooperation,"
says Hikmet Ersek, executive vice president and managing director
Western Union, Europe, Middle East, Africa, South Asia.
About Western Union
The Western Union Company (NYSE: WU) is a leader in 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 more than 335,000 Agent locations in over 200 countries and
territories. Famous for its pioneering telegraph services, the
original Western Union dates back to 1851. For more information, visit
www.westernunion.com.
About Absa
The Absa Group Limited (Absa), listed on the JSE Limited, is one
of South Africa´s largest financial services groups, offering a
complete range of banking, bancassurance and wealth management
products and services. Absa´s business is conducted primarily in South
Africa. In addition to this, the Group has equity holdings in banks in
Mozambique, Angola and Tanzania. At 31 December 2007, the Group had
679 million shares in issue and a market capitalisation of R75
billion. At 31 December 2007, Absa had assets of R641 billion, 892
points of presence, 9 million customers, 7 687 automated teller
machines and 36 893 permanent employees. Absa is a subsidiary of
Barclays Bank PLC, which holds a stake of 58.8% in the Group. Barclays
is a major global financial services provider engaged in retail and
commercial banking, credit cards, investment banking, wealth
management and investment management services with an extensive
international presence in Europe, the USA, Africa and Asia. For more
information, please visit the Absa website: www.absa.co.za.
WU-G
