MoneyGram To Acquire MoneyGlobe Payment Institution - Quick Facts

(RTTNews) - MoneyGram (MGI) Thursday announced agreement to acquire the shares of MoneyGlobe Payment Institution S.A., a provider of cash-to-account money transfers from Greece to Bangladesh. The company has also completed acquisition of Advanced ChronoCash Services through a share purchase transaction.

The acquisition of Advanced ChronoCash Services establishes a direct retail network for MoneyGram in Greece, enabling a closer relationship with its consumers. ACCS has been a MoneyGram agent since 2003, and has expanded to more than 400 locations with a loyal base of retail agents.

The addition of MoneyGlobe Payment Institution will futrhur expand the network directly in partnership with MoneyGram agents. The transaction is subject to closing conditions and regulatory approvals.

"As the Greek economy begins to improve, MoneyGram can now move more nimbly to capture new opportunities in this important market," said Carl Scheible, executive vice president of Europe and Africa at MoneyGram.