MoneyGram has purchased Advanced ChronoCash Services (ACCS) and signed an agreement to acquire MoneyGlobe Payment Institution, both Athens, Greece-based money transfer companies.

ACCS has been a MoneyGram agent since 2003, and has more than 400 locations. MoneyGram will be able to establish a direct retail network in Greece to bring it closer to consumers.

"ACCS has been a great partner to MoneyGram, building a strong network of quality retail agents," says Carl Scheible, executive vice president of Europe and Africa at MoneyGram, in a Sept. 19 press release. "By acquiring the company, we will now be able to continue to expand the network directly in partnership with our agents who serve our consumers every day."

MoneyGram also agreed to acquire the shares of MoneyGlobe Payment Institution S.A., a provider of cash-to-account money transfers from Greece to Bangladesh. The transaction is subject to closing conditions and regulatory approvals. "As the Greek economy begins to improve, MoneyGram can now move more nimbly to capture new opportunities in this important market," Scheible said in a press release.

MoneyGram recently partnered with Deniz Bank to expand its presence in Turkey and signed a distribution deal with Ukash as it competes with Western Union to grab market share.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry