Based on the terms of the agreement, the lender will offer funds transfer services to both its own customers as well as other banks’ customers, across all banking locations in the country.
Commenting on the agreement, MoneyGram CEO and chairman Pam Patsley said this significantly increases MoneyGram’s footprint in Turkey while decreasing the distance its customers have to travel to send money to friends or family worldwide.
"Now that we have achieved additional territory coverage in Europe, we are also enabling customers across the globe to reach their loved ones back home in Turkey more easily," Patsley added.
A World Bank study points out that the Turkey remittance market is estimated to be over $1bn, after this agreement, sending remittance from the US, the UK, France, the Netherlands, Belgium, Germany and Russia, will become easy.
Addressing a press conference, DenizBank CEO and president Hakan Ates said that the bank has teamed up with a well-respected company to offer fast, secure and easy money transfer service to their customers.
Set up in 1938 as a state economic enterprise, DenizBank was purchased by the Zorlu Holding in the form of banking license from the Privatization Administration in the early 1997, and in October 2006, a European financial group, Dexia incorporated it to its structure.
MoneyGram offers money transfer services through a international network of 327,000 agent locations, comprising retailers, international post offices and financial institutions across 200 nations and regions.
