Press release from PR Newswire
Saudi Post & Alinma Bank Sign Global Remittance Agreement with Western Union
Wednesday, June 25, 2014
Saudi Post & Alinma Bank Sign Global Remittance Agreement with Western Union02:00 EDT Wednesday, June 25, 2014
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 Union® money transfer services in the Kingdom.
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
For further information: Rania Chidiac, +971(0)506407421, Rania.Chidiac@westernunion.com