MoneyGram (NASDAQ:MGI) has advanced well into Europe to find its latest official partner. The company announced it has signed an agreement with Poste Italiane, operator of that nation's postal service, to offer MoneyGram's services to its clientele. The terms of the deal -- which MoneyGram said "strengthens a long-term successful cooperation that we have had for years" -- were not disclosed.
According to the company, Poste Italiane serves roughly 37 million clients throughout the country. MoneyGram said that more than 9,000 Poste Italiane outlets are equipped to provide the company's money transfer services.
People in the country extensively use these offerings. In the press release announcing the news of the deal, MoneyGram pointed out that Italy is a hotbed of remittances abroad. The company cited Banca d'Italia (Bank of Italy, the nation's central bank) data indicating that more than 6.8 billion euros ($9.0 billion) in such payments were made in 2012.
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