With the acquisition, Western Union plans to increase the geographic reach of its services and to introduce the TGBP third party distribution capabilities to Western Union’s financial institution relationships. Western Union Business Solutions offers cross-border business payments and foreign-exchange services to small- and medium-sized enterprises (SMEs).
TGBP conducts business payments annually for 35,000 customers in 14 countries. The division provides international payments services to business clients, namely small and medium-sized enterprises (SMEs), corporations, and third party distribution partners including over 500 financial institutions.
The transaction is subject to regulatory approvals and satisfaction of closing conditions and is expected to close by the end of 2011. The cash acquisition is set to be funded by Western Union’s existing cash balances, with funding primarily sourced from international cash.
In recent news , Western Union has extended its relationship with Emirates International Exchange, a UAE-based exchange house, to launch its international business payments service, Western Union Business Solutions, in the UAE.
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