Western Union has disclosed plans to acquire OzForex Group Ltd., an Australian currency exchange and international money transfer company.
Western Union has submitted a non-binding proposal to the publicly-traded OzForex, but talks are only at a preliminary stage, the Rochester, N.Y. financial services company noted in a Wednesday announcement.
Western Union is in the process of expanding to new markets worldwide. Its recent efforts include partnerships in Rwanda and Ivory Coast and new online transfer services in several European countries. The company recently created a bill payment service for U.S. consumers to access through Walgreens and Duane Reade stores, and last week announced the creation of a new role of chief product and strategy officer.