DENVER, March 22 /PRNewswire/ -- Western Union Financial Services, Inc.,
a leading international money transfer company and subsidiary of
First Data Corp. (NYSE: FDC) today announced its contract with the
Agricultural Bank of China (ABC) has been extended to five years, into 2006.
The announcement, made just nine months into the original two-year
contract, further strengthens Western Union's strategic alliance with ABC, one
of China's leading banks.
Charles T. Fote, the new President and Chief Executive Officer of
First Data, who is in Hong Kong after leading a delegation on a four day
business-development mission in China, said: "This is great news! The
contract has been extended because Western Union's early results in China have
exceeded ABC's expectations. This shows we are fast becoming the preferred
partner for the banking community. Western Union is fulfilling its promise
and is one of our fastest growing business units within the FDC family."
Bill Thomas, president of Western Union International, who was with Fote
at the contract signing ceremony in Beijing, added: "Western Union has
deliberately set its goals in China very high. We are on track with our
original plan to reach up to 10,000 agent locations in the country, but our
goal is to have an agent network of 30,000 locations over the next three to
five years. The overseas Asian community is the largest in the world and we
expect China to be our biggest single market in the next 10 years."
Thomas explained that making the service available round-the-clock as well
as accessible over the Internet would support growth.
"Although a relatively new service category to the region, we've seen
growing demand for a fast, reliable and convenient way to send and receive
money worldwide, through trusted vendors," said Thomas. "Our partnership with
ABC represents much more than simply numbers of outlets -- it's about our
long-term vision and expanding our customer's choice and control."
During the trip, Fote and Thomas also met with officials from China Post,
the Industrial and Commercial Bank of China, Bank of China, and the
People's Bank of China.
"We discussed the possibility of establishing relationships with other
First Data entities in the areas of card issuing services and merchant
processing services," said Fote. "We think there are some excellent
opportunities and great potential for expanding First Data's international
reach."
About Western Union Financial Services, Inc. and First Data
Western Union Financial Services, Inc., a subsidiary of First Data Corp.
(NYSE: FDC), is an international leader in consumer money transfer services.
Consumers can quickly, safely and reliably pay bills and transfer money around
the globe using the company's proprietary money transfer network. Western
Union and its subsidiary, Orlandi Valuta, together make up one of the world's
largest money transfer networks with a total of approximately 120,000 Agent
locations in more than 187 countries and territories. Famous for its
pioneering telegraph service, the original Western Union dates back to 1851
and introduced electronic money transfer service in 1871. For more
information, please visit the company's Web site at http://www.westernunion.com .
First Data Corp., with global headquarters in Denver, helps power the
global economy. Serving approximately 2.8 million merchant locations,
1,400 card issuers and millions of consumers, First Data makes it easy, fast
and secure for people and businesses to buy goods and services, using
virtually any form of payment: credit, debit, smart card, stored-value card or
check at the point-of-sale, over the Internet or by money transfer. For more
information, please visit the company's Web site at http://www.firstdata.com .
SOURCE Western Union Financial Services, Inc.
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Related links:
http://www.westernunion.com
CONTACT:
Wendy Carver-Herbert of Western Union
Financial Services, Inc., +1-303-967-6416,
wendy.carver@firstdatacorp.com
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