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MoneyGram acquires two money transfer businesses in Spain |
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MoneyGram International, global payment services company, has acquired MoneyCard World Express and Cambios Sol, two money transfer entities affiliated with its network in Spain, as part of the company’s strategy to accelerate expansion and assume more control over network growth and distribution in key send markets.
MoneyGram acquired approximately 500 agent locations in Spain. The acquisitions provide MoneyGram with a money transfer license in Spain and a platform to expand its business in the Spanish market. Pedro Moragriega, a former MoneyCard executive, has been named general manager, reporting to Giovanni Crociani, MoneyGram’s vice president retail and owned agents. |
