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Western Union Purchases Equity Interest in Italian Money Transfer Agent

Tuesday 11 January 2005 08:11 CET | News

Western Union Financial Services, has completed the purchase of a 30 percent equity interest in Finint Srl, one of Western Unions authorized agents in Italy.

Based in Italy, Finint has been Western Unions money transfer agent since 1995. Finint offers Western Union services at more than 2,200 locations throughout Italy. Transactions in Italy are being driven by the immigrant population, which accounts for roughly five percent of the countrys 57 million population*. The size of the global remittance market is estimated to be just above $150 billion, growing at an annual rate of five percent. In 2003, Western Unions share of the worldwide remittance market was estimated at 14 percent. In July 2004, Western Union purchased a 30 percent equity interest in another Italian agent, Angelo Costa, S.p.A., with a network of nearly 3,000 locations throughout the country.


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Categories: Payments & Commerce | Payments General
Countries: World
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