RIYADH, Saudi Arabia,
June 25, 2014 /PRNewswire/ --
Saudi Postal Corporation and Alinma Bank, one of the fastest
growing banking institutions in Saudi
Arabia, have entered into an agreement with Western Union
(NYSE: WU) to offer Western UnionĀ® money transfer services in the
Kingdom.
(Logo:
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Under the agreement, remittance services will be offered through
the Ersal money transfer service, which is the money transfer joint
venture launched by Saudi Post and Alinma Bank in 2013. Starting in
Ramadan, the service will be
available at 15 post office locations across the Kingdom, taking
the number of Western Union locations in the country to over
200.
Speaking about the agreement Dr. Mohammed Saleh Bin Taher Benten, President of
the Saudi Postal Corporation, said: "We are committed to
strengthening our partnerships with private sector organizations to
provide world-class financial services in Saudi Arabia, including money transfer
services. Saudi Arabia is the
world's second highest remittance-sending country with over 9
million expatriate workers. Our collaboration, first with Alinma
Bank to launch Ersal, and now with Western Union, is part of our
sustained effort to offer customers fast, reliable and convenient
money transfer services. With a global network and presence,
Western Union enables consumers to send and receive money around
the world, which complements our vision."
Alinma Bank CEO, Mr. Abdulmohsen
Al-Fares, also commented on the agreement saying that the
time was right for Alinma to expand its remittance efforts in this
manner. "This move comes in response to the encouraging growth we
have seen in the Ersal service," said Al-Fares. "With the help of
our partners at Saudi Post and Western Union, we will be able to
strengthen our money transfer services and render rapid delivery
around-the-world."
Al-Fares also noted that the agreement fell in line with
Alinma's overall strategic objectives. "Alinma Bank is constantly
working to keep pace with the growing and changing expectations of
our partners (customers)," said Al-Fares. "We strive to be the
preferred financial partner for all; and by providing our partners
with the very best global remittance service, we move forward in
solidifying our position as an exemplary financial
institution."
Mr. Jean Claude Farah, President
of Western Union in the Middle East, Africa, Asia
Pacific, Eastern Europe and
the Commonwealth of Independent States, said, "Saudi Arabia is a very important market for
Western Union, second only to the USA in terms of remittance volumes. By the end
of June, 15 'Ersal' locations will be offering our services, with
plans to open more locations across the Kingdom in the future.
This, combined with Western Union's hallmark remittance speed and
reliability, makes our cooperation with Alinma Bank and Saudi Post
mutually beneficial for all, and customers in particular, who will
benefit from increased access to our services."
About Saudi Postal Corporation
Saudi Post is a government entity that provides postal services
in a network of more than 550 offices covering KSA. In its
transformation from a simple post organization into a modern
enterprise, SP invested to improve its infrastructure in all areas
of operation, management to improve service quality and expedite
services. The National Address developed by Saudi Post enhanced its
distribution capabilities and provide a national solution to social
and service access. Express Mail and Logistics improved
substantially by the launch of a new logistics company Naqil and
spinning off the EMS service.
Retail outlets were revamped to provide regular postal services
(Mail and Parcel), Remittance service "Ersal", Government services,
Corporate services and Retail services. New services like e-mall
were also launched to capitalize on e-commerce developments.
Saudi Post goal is to build a postal service that supports the
provisions of advanced e-government and e-commerce initiatives.
This shall be achieved by building comprehensive Postal networks
connecting all private and business citizens in KSA. It shall be
realized by adaption of up to date technologies and investment in
human capital to provide sustained growth.
About Alinma Bank
Launched in 2009 with SAR 15
billion in capital, Alinma is the latest bank to enter the
Saudi market. Alinma leverages the very latest in modern banking
technology to deliver a full range of corporate and retail banking
services and solutions that meet the ever-growing needs of
consumers and institutions in the Kingdom. With its adherence to
Shariah-compliant banking guidelines and its dedication to
excellence, Alinma has earned the respect and trust of its partners
(customers) and has been recognized both locally and
internationally for the quality of its work. With 97 branches and
903 ATMs across the Kingdom, as well as a full array of electronic
banking options, Alinma continues its rapid growth and expansion as
it drives forward towards to fulfill its vision of becoming the
preferred financial partner for all.
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, 2013, the Western Union,
Vigo and Orlandi Valuta branded services were offered through a
combined network of over 500,000 agent locations in 200 countries
and territories and over 100,000 ATMs. In 2013, The Western Union
Company completed 242 million consumer-to-consumer transactions
worldwide, moving $82 billion of
principal between consumers, and 459 million business payments. For
more information, visit http://www.westernunion.com
SOURCE Western Union