Western Union Money Transfer(R) Service Launches in South Korea; Alliance With Kookmin Bank Extends Presence in Asia-Pacific Region
biz.yahoo.com
DENVER, June 12 /PRNewswire/ -- Western Union Financial Services, Inc., a subsidiary of First Data Corp. (NYSE: FDC - news), today announced it has begun offering Western Union Money Transfer® services to South Korea. The service is made possible through an agreement with one of the country's top banks, Kookmin Bank.
Western Union's expansion into South Korea furthers the company's aggressive global expansion strategy and complements the company's recent expansion efforts in Thailand, India, Indonesia and China to create an unprecedented availability of money transfer services throughout the Asia- Pacific region.
Kookmin Bank has more than 500 branches covering practically all areas of the country, and has recently put into operation 144 Western Union agent locations. By mid-2002, Western Union and Kookmin Bank expect to offer Western Union Money Transfer® services at approximately 400 locations.
``With more than five million Koreans living abroad, the money transfer market in South Korea offers tremendous growth potential for Western Union,'' said Charles T. Fote, president and chief operating officer, First Data Corp. ``Our alliance with Kookmin Bank provides Korean communities around the world a safe and reliable money transfer option, whether they are in other parts of Asia, North or South America, or Europe.''
``Western Union is a leader in global money transfer service with more than 130 years of service history,'' said Mr. Tai Gon Kim, executive vice president of Corporate Banking Group, Kookmin Bank. ``Kookmin Bank is renowned for its transparent and efficient management as well as reliable services. With the strategic alliance of two leading companies, Koreans and foreign workers alike will have an excellent, safe and fast way of transferring money to and from South Korea.'' |
