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Western Union Expands in Mexico

22 May, 2013

As Mexico continues to forge ahead by leaps and bounds in the global economy,the Western Union Company has announced that it has entered into a five-year agreement with Bancoppel to offer its services at close to 1,000 new locations.

“Mexico is a strategic market for Western Union,” stated Odilon Almeida,president of Western Union in the Americas,according to The Wall Street Journal. “We see a great opportunity to expand in Mexico through existing and new Agent relationships such as Bancoppel – while combining the strengths of our global brand and network to offer innovative financial solutions to consumers and businesses.”

The new services will initially be offered in stages at select locations throughout Mexico,but this will eventually lead to a nationwide rollout in the coming years. The new agreement will provide a variety of financial products to residents and visitors alike in all parts of Mexico,including credit and debit cards,checking accounts,money orders,personal loans and investment vehicles. It will give customers new options and make it easier than ever to transfer and obtain funds,regardless of the location.

Throughout the years,Western Union has demonstrated its commitment to the market in Mexico and has fostered long term partnerships with Vigo and Orlandi Valuta in a strategic network of combined authorized agent locations. This network includes a variety of banks,national retail chains and many other independent locations. In addition,Western Union has already worked to secure connections that regularly provide its customers in Mexico with easy access to more than 500,000 locations,spanning 200 countries and territories.

Bancoppel,which is the banking subsidiary of Grupo Coppel,has grown since the mid-1900’s to become one of Mexico’s largest and most successful department store chains,operating close to 1,000 locations in more than 300 different cities throughout the country.

If you want to invest in Mexico as well,visit our investors section here.