Alliance expands Western Union's presence in Asia.
MONTVALE, N.J., March 15 /PRNewswire/ -- Western Union Financial Services,
Inc., a subsidiary of First Data Corp. (NYSE: FDC), today announced it has
formed a strategic alliance with Bumiputra-Commerce Bank (BCB) to provide
money transfer services in Malaysia. This alliance marks Western Union's
first venture in Malaysia and it is the first time a foreign-owned company has
offered money remittance services in the country. The addition of Malaysia to
the worldwide Western Union agent network strengthens the company's presence
in Asia.
Bumiputra-Commerce Bank, Malaysia's second largest banking group,
initially will offer Western Union services at 50 of its 300 outlets in select
markets around the country. The two companies share an aggressive expansion
strategy and additional locations will be added to the network later this
year.
"Malaysia's geographical location and its multi-cultural population make
it an ideal hub for strengthening the money remittance business, for both
senders and receivers, throughout Asia," says Bill Thomas, president, Western
Union International. "This unique alliance enables both Western Union and BCB
to play a key role in bringing the intra-Asia markets together."
The Western Union Money Transfer(R) service will offer Malaysia's large
immigrant population a fast, safe and reliable way to send money to loved ones
in their country of origin. Money transfer transactions will take place
within minutes and do not require the sender to possess a bank account or
credit card.
"This move underscores BCB's aspiration to be a financial icon in Malaysia
by fast forwarding its process to build world-class capabilities through
strategic alliances with providers of world-class financial services," said
Dr. Rozali Mohamed Ali, managing director and chief executive office, BCB.
"The strength of BCB's network of more than 300 outlets and its sound local
expertise offers Western Union a viable retail platform to tap into the
Malaysian financial services market and creates a win-win proposition for both
companies."
About Western Union
Western Union Financial Services, Inc., a subsidiary of First Data
Corporation (NYSE: FDC), is a worldwide leader in consumer money transfer
services. The company provides rapid money transfer service through more than
95,000 agent locations in more than 185 countries and territories worldwide.
Famous for its pioneering telegraph service, the original Western Union dates
back to 1851 and introduced electronic money transfer service in 1871.
Western Union is celebrating its 150th anniversary in 2001. For more
information please visit the company's web site at
http://www.westernunion.com.
About First Data Corp.
Atlanta-based First Data Corp. (NYSE: FDC) is a global leader in
electronic commerce and payment services. Serving more than two million
merchant locations, more than 1,400 card issuers and millions of consumers,
First Data makes it easier, faster and more secure for people and businesses
to buy goods and services, using virtually any form of payment: credit, debit,
stored-value card or check at the point-of-sale, over the Internet or by money
wire. For more information, please visit the company's Web site at
http://www.firstdata.com.
About Bumiputra-Commerce Bank
Bumiputra-Commerce Bank currently serves a customer base of approximately
3.8 million. It employs over 10,000 staff throughout Malaysia, and accounts
for 14% of the nation's bank deposits. The bank also has the nation's largest
24-hour ATM network of 715 ATMs throughout the country. It is the commercial
banking arm of KLSE-listed Commerce Asset-Holding Berhad (CAHB), a diversified
financial services group with interests that include merchant banking,
stockbroking, futures trading, funds management, unit trust management,
insurance and venture capital financing.
SOURCE Western Union Financial Services, Inc.
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Related links:
http://www.westernunion.com
Company News On-Call:
http://www.prnewswire.com/comp/138116.html or fax,
800-758-5804, ext. 138116
CONTACT:
Wendy Carver-Herbert of Western Union
Financial Services, Inc., 303-967-6416,
wendy.carver@firstdatacorp.com
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