DENVER, June 12 /PRNewswire/ -- Western Union Financial Services, Inc., a
subsidiary of First Data Corp. (NYSE: FDC), today announced it has begun
offering Western Union Money Transfer(R) services to South Korea. The service
is made possible through an agreement with one of the country's top banks,
Kookmin Bank.
Western Union's expansion into South Korea furthers the company's
aggressive global expansion strategy and complements the company's recent
expansion efforts in Thailand, India, Indonesia and China to create an
unprecedented availability of money transfer services throughout the Asia-
Pacific region.
Kookmin Bank has more than 500 branches covering practically all areas of
the country, and has recently put into operation 144 Western Union agent
locations. By mid-2002, Western Union and Kookmin Bank expect to offer
Western Union Money Transfer(R) services at approximately 400 locations.
"With more than five million Koreans living abroad, the money transfer
market in South Korea offers tremendous growth potential for Western Union,"
said Charles T. Fote, president and chief operating officer, First Data Corp.
"Our alliance with Kookmin Bank provides Korean communities around the world a
safe and reliable money transfer option, whether they are in other parts of
Asia, North or South America, or Europe."
"Western Union is a leader in global money transfer service with more than
130 years of service history," said Mr. Tai Gon Kim, executive vice president
of Corporate Banking Group, Kookmin Bank. "Kookmin Bank is renowned for its
transparent and efficient management as well as reliable services. With the
strategic alliance of two leading companies, Koreans and foreign workers alike
will have an excellent, safe and fast way of transferring money to and from
South Korea."
About Western Union and First Data:
Western Union Financial Services, Inc., a subsidiary of First Data Corp.
(NYSE: FDC), is a worldwide leader in consumer money transfer services.
Consumers can quickly, safely and reliably transfer money at over
100,000 agent locations in more than 185 countries and territories using the
Western Union money transfer network. 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.
Denver-based First Data Corp. powers the global economy. Serving nearly
2.5 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 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
Company News On-Call:
http://www.prnewswire.com/comp/138116.html or fax,
800-758-5804, ext. 138116
CONTACT:
media, Wendy Carver-Herbert of Western Union
Financial Services, 303-967-6416, wendy.carver@firstdatacorp.com;
or investors, Barbara Marxer of First Data Corp., 770-857-7118,
barbara.marxer@firstdatacorp.com
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