Banorte Branches across Mexico Will Offer Western Union Global Money Transfer Services
25 April 2013 - 12:30AM
Business Wire
The Western Union Company (NYSE: WU), a leader in global payment
services, and Banorte, one of the largest financial institutions in
Mexico and a subsidiary of Grupo Financiero Banorte (BMV: GFNORTEO;
OTCQX: GBOOY), today announced a five-year agreement that will
allow Banorte to offer Western Union® global money transfer
services.
Banorte has more than 1,300 locations across Mexico. Western
Union services will be offered at most Banorte locations, and will
be initially available in select locations, followed by a
nationwide rollout.
“The agreement with Western Union enhances our international
payment services for our customers and their relatives that live
abroad,” said Alejandro Valenzuela, CEO of Grupo Financiero
Banorte. “We are very pleased with our new relationship with
Western Union, which will position Banorte as one of the leaders in
the international payments market.”
“Having Western Union services in Banorte branches will allow us
to continue to grow and extend our reach to deliver dependable
financial services to consumers across the country,” said Odilon
Almeida, president, Americas, Western Union. “Western Union’s
international scale, coupled with a globally-recognized brand known
for speed and reliability, is the foundation that has allowed our
organization to continue to grow our Agent network in Mexico, and
around the world.”
Western Union has an extensive presence in Mexico, with a
strategically combined network of Agent locations that include
banks, national retail chains and independent locations. Western
Union, in conjunction with its Orlandi Valuta and Vigo brands,
connects consumers in Mexico to more than 510,000 Agent locations
across 200 countries and territories worldwide.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
December 31, 2012, the Western Union, Vigo and Orlandi Valuta
branded services were offered through a combined network of
approximately 510,000 agent locations in 200 countries and
territories. In 2012, The Western Union Company completed 231
million consumer-to-consumer transactions worldwide, moving $79
billion of principal between consumers, and 432 million business
payments. For more information, visit www.westernunion.com.
About Grupo Financiero Banorte
Banorte was founded in 1899 in the city of Monterrey, where it
first started operations as a small regional player. In 1992, in
the banking privatization process, Banorte was acquired by a group
of entrepreneurs leaded by Roberto Gonzalez Barrera. Through a
series of key acquisitions after the Mexican financial crisis of
the mid 1990’s, like Bancen and Banpaís in 1997 and Bancrecer in
2002, Banorte was able to consolidate a nationwide presence in
Mexico. It now operates as a financial group known as Grupo
Financiero Banorte (GFNorte), offering universal banking products
and services in the Mexican financial system. Banorte is currently
the third largest banking institution in Mexico measured by size of
loans and deposits. It is the second largest provider of State
& Municipal government and mortgage financing and the third
largest provider of commercial loans. As well as increasing its
market shares, Banorte has consolidated its position as one of
Mexico's most profitable banks and is recognized for its strong
fundamentals by showing sound asset quality, as well as high
capitalization and liquidity levels.
With more than 22 million clients and a footprint of more than
1,300 branches and more than 6,700 ATMs nationwide, GFNorte’s main
business line is retail banking, and it also provides a wide array
of products and services through its broker dealer, annuities &
insurance companies, retirements savings funds (Afore), mutual
funds, leasing & factoring company and warehousing. GFNorte
manages more than US $114 billion in assets and Banorte is the full
retail bank, among the six largest institutions, that is controlled
by Mexican shareholders. Its decisions are taken locally without
the influence of international headquarters, which has proven to be
an advantage given the recent weakness of many global institutions.
In 2006, Banorte entered into the US Hispanic market through the
purchase of Inter National Bank (INB), a Texas-based bank, and two
remittance companies in 2007: Uniteller in New Jersey and Motran in
California. Its strategic partnerships include the International
Finance Corporation (IFC) at its banking subsidiary, the Mexican
Social Security Institute (IMSS) at the retirement savings fund
management business, and the Italian insurance company Generali at
the insurance and annuities business. In January 2013, GFNorte
finalized the acquisition of Afore Bancomer through Afore XXI
Banorte, becoming the most relevant transaction to date in the
retirement savings fund system, creating the most significant Afore
in Mexico. GFNorte’s shares trade in the Mexican Stock Exchange
(BMV) with the ticker “GFNORTEO”, in the Madrid Stock Exchange
under the symbol “XNOR” and in the US ADR OTC market under “GBOOY”.
For more information, visit www.banorte.com.
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