DENVER, July 1 /PRNewswire/ -- First Data Corp. (NYSE: FDC), a global
leader in electronic commerce and payment services, today announced that its
Western Union Financial Services subsidiary has signed a multi-year contract
with the Industrial Bank of Korea (IBK). IBK expects to offer Western Union
Money Transfer(R) services in each of its 360 branches, bringing Western
Union's total number of agent locations in Korea to approximately 700.
IBK is one of Korea's leading banks and specializes in providing services
to small and medium-sized businesses throughout the country. IBK offers
consumers a variety of services including household lending, electronic
banking, credit card services and now -- money transfer. Money transfer
services will be especially valuable to the estimated six million Korean
expatriates who continue to offer financial support to their loved ones back
home.
"Western Union continues to see an increasing demand for money transfer
services within Asia," said Bill Thomas, president, Western Union
International. "More and more Asians are emigrating to other countries, yet
the bond between these expatriates and their homeland is very strong. Korea
is no exception. Korean expatriates continue to support their families at
home even as they seek new opportunities in their adopted countries."
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 124,000 Agent
locations in more than 185 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
http://www.firstdata.com
Company News On-Call:
http://www.prnewswire.com/comp/138116.html
http://www.prnewswire.com/comp/103364.html
CONTACT:
Wendy Carver-Herbert of Western Union
Financial Services, Inc., +1-303-967-6416,
wendy.carver@firstdatacorp.com
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