Bank of China forms agreement with MoneyGram International

Deal will skyrocket MoneyGram's China presence as its services will be available in lender's 10,000 branches.

The agreement, which more than triples MoneyGram's presence in this growing remittance market, follows the successful completion of a six-month pilot that ran in 240 Bank of China branch locations in Beijing.

MoneyGram will begin rolling out its money transfer services in Bank of China branches in key provinces across the southern and eastern coast in China beginning in January and will continue expanding throughout the Bank's extensive network in the country in 2010 and 2011.

In addition, this new strategic alliance with Bank of China will create further opportunities for MoneyGram's money transfer services in several other countries in the Asia Pacific region.

MoneyGram chairman and CEO Pamela H. Patsley said that with more than $25 billion in annual remittances, China is a critical focus for MoneyGram's market expansion in 2010.