Press release from PR Newswire
Grupo Elektra and Western Union Enter Into New Money Transfer Agreement
Tuesday, February 21, 2012
Grupo Elektra and Western Union Enter Into New Money Transfer Agreement19:31 EST Tuesday, February 21, 2012? Agreement reflects the enormous value of the Grupo Elektra and Western Union brands, extensive networks and market positioning ?MEXICO CITY, Feb. 21, 2012 /PRNewswire/ -- Grupo Elektra, S.A.B. de C.V. (BMV: ELEKTRA*; Latibex: XEKT), Latin America's leading financial services company and specialty retailer, and The Western Union Company (NYSE: WU), a leader in global payments, announced today the companies have entered into a new long term money transfer agreement in Mexico with Western Union under a non-exclusive basis. With more than 1,800 points of sale in Mexico, cutting edge technology and the trust of millions of Mexican families in its brands through more than six decades of company operations, Grupo Elektra has proven experience in the money transfer and payments industry, together with Western Union's more than 100 years of presence in Mexico, providing dependable financial services. Western Union, together with Vigo and Orlandi Valuta, has more than 50,000 points of sale in the US. Western Union is the leading provider of money transfers worldwide with 160 years of experience, more than 485,000 Agent locations in more than 200 countries and territories. In 1993, Grupo Elektra and Western Union signed an agreement through which Grupo Elektra was enabled to payout international money transfers in Mexico; the agreement was renewed in 2006, adding under a separate agreement Western Union branded payments services Vigo and Orlandi Valuta.The new agreements consolidate Grupo Elektra's solid positioning as a major paying agent in Mexico, and further increases and diversifies the company's revenues and profitability. With secure and fast money transfer operations, the agreements reaffirm Grupo Elektra and Western Union's solid commitment to serve millions of consumers throughout Mexico. Company ProfileGrupo Elektra (www.grupoelektra.com.mx) is Latin America's leading financial services company focused on the mass market. The Group operates over 2,800 points of sale in Mexico, Brazil, Guatemala, Honduras, Peru, Panama, El Salvador and Argentina. Grupo Elektra also sells and markets its consumer finance, banking and financial products and services through Banco Azteca branches located in Mexico, Brazil, Panama, Guatemala, Honduras, Peru and El Salvador. Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries in which they operate and improving society through excellence. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. The companies include Azteca (www.irtvazteca.com), Azteca America (www.aztecaamerica.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx) and Grupo Iusacell (www.iusacell.com.mx). Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. However, the member companies share a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.Except for historical information, the matters discussed in this press release are forward-looking statements and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Other risks that may affect Grupo Elektra and its subsidiaries are identified in documents sent to securities authorities.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, 2011, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 485,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit www.westernunion.com. Grupo Salinas Investor RelationsBruno RangelGrupo SalinasTel. +52 (55) 1720 firstname.lastname@example.org Carlos CasillasGrupo SalinasTel. +52 (55) 1720 email@example.com Grupo Salinas Press RelationsTristan CanalesGrupo SalinasTel. +52 (55) firstname.lastname@example.org Daniel McCoshGrupo SalinasTel. +52 (55) email@example.comThe Western Union Company Daniel Diaz, Media Tel. +1 (303) 547-2347 daniel.diaz@WesternUnion.comMike Salop, Investor Relations Tel: +1 (720) 332-8276Mike.Salop@WesternUnion.com SOURCE Grupo Elektra, S.A.B. de C.V.