Western Union Purchases Equity Interest in Greek Money Transfer Agent
biz.yahoo.com
DENVER, Jan. 15 /PRNewswire-FirstCall/ -- Western Union Financial Services, Inc., a subsidiary of First Data Corp. (NYSE: FDC), announced today that it has completed the purchase of a 25 percent equity interest in Christopher C. Varvias & Associates S.A., its money transfer agent in Greece. Terms of the transaction were not disclosed.
Based in Athens, Christopher C. Varvias & Associates has been Western Union's agent in Greece since 1992. The company manages a network of more than 540 locations in 80 cities throughout the country. The network includes several significant banks in Greece: EFG Eurobank Ergasias, Bank of Cyprus, and Aspis Bank.
``The market for money transfer in Greece has been growing rapidly since the early 1990's, with Christopher C. Varvias & Associates leading the way,'' said Bill Thomas, president, Western Union International. ``Roughly 10 percent of the country's 10.8 million population are immigrants who are either sending to or receiving funds from loved ones back home.'' |
