MoneyGram to acquire Greek money transfer businesses

23 September 2013

MoneyGram has acquired Advanced ChronoCash Services (ACCS) and signed an agreement to buy MoneyGlobe Payment Institution S.A., both of which are based in Athens, Greece.

The global money transfer and payment services firm picked up ACCS through a share purchase agreement. It has been a MoneyGram agent since 2003 and has now grown to more than 400 locations.

MoneyGlobe Payment Institution S.A. is a provider of cash-to-account money transfers from Greece to Bangladesh. The transaction is subject to closing conditions and regulatory approvals.

Carl Scheible, executive vice-president of Europe and Africa at MoneyGram, said: "By acquiring [ACCS], we will now be able to continue to expand the network directly in partnership with our agents who serve our consumers every day."

He went on to say the acquisition of MoneyGlobe will enable the company to offer a technology-driven solution that meets the unique needs of consumers in Greece as the economy in the country begins to improve.

By Gary Cooper

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