Wells Fargo & Company (NYSE:WFC) has expanded its ExpressSend remittance network in Mexico through an agreement with Houston-based Transnetwork Corporation, adding more than 4,000 payout locations in Mexico for a total of more than 9,000 locations.
Soriana and Famsa are the two new retailers added and Banco Santander and Banco del Ahorro Nacional y Servicios Financieros (Bansefi) are the latest bank additions to the Wells Fargo ExpressSend remittance network in Mexico. These additional outlets significantly expand Wells Fargo’s remittance payout network in Mexico. The remittance payout network in Mexico also includes BBVA Bancomer, HSBC Mexico, Banorte and Telecomm Telegrafos. Wells Fargo now offers more payout locations than any other U.S. bank-managed remittance service in Mexico.
“We understand our remittance service can be an important lifeline between our customers and their family and friends in Mexico. By expanding our remittance network in Mexico we are enhancing our customers’ beneficiaries experience through a more diverse set of remittance payout channels and expanded hours of operation in the case of the retail locations,” said Daniel Ayala, executive vice president and head of Wells Fargo’s Global Remittance Services. “Our goal is to offer a remittance service that is economical, dependable and convenient. Our new payout agents further enhance our ability to offer just that. The two retailers also add additional convenience with longer hours and weekends.”
“These agents will expand Wells Fargo’s payment network in Mexico, stretching opportunities for families to access financial institutions with more ease and have the opportunity to bring their savings to them,” Dr. Manuel Orozco, Remittances and Development Program, Inter-American Dialogue.
Customers can send money directly to their beneficiary for one low transfer fee. Customers may also qualify for a discounted fee based on their account relationship with Wells Fargo. Customers can send money by signing on to Wells Fargo Online®, by calling 1-800-TO-WELLS or by visiting a Wells Fargo store location, making Wells Fargo the only U.S. commercial bank to offer all three channels for remitting funds.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
Transnetwork Corporation
Transnetwork provides a turnkey solution to money transfer organizations and banks by offering a large and diversified payment network in Mexico and Latin America. Transnetwork provides more than 12,000 points of payment in Mexico, through “big box” retailers as well as national and international banks. Contacts: Jorge Raull or Gerardo Amelio – +1.713.278.5400.
Organización Soriana
Founded in Torreón, Coahuila, in 1968, Organización Soriana is today one of the most important companies in the retail sector in the country and a proud Mexican company. Its shares went public in the Mexican Stock Exchange since 1987 under the name SORIANA.
Following a multi-format strategy, to date the Company operates 493 retail stores commercializing extensive and complete lines of food, clothing, general merchandise, health products and basic services, striving to satisfy the specific needs of our different groups of clients.
Grupo Famsa
Grupo Famsa, S. A. B. de C. V. (BMV: GFAMSA), is a leading retailer of various types of household appliances, furniture, clothing, and other consumer products in Mexico and the United States. Founded in 1970, the company currently operates a broad network of 356 stores in 78 Mexican cities and 51 stores in 5 U.S.A. states. Famsa caters to Mexico’s middle and lower-middle income segments, serving more than 9 million customers through personalized service and flexible credit options that are not readily available to them from the traditional banking system. For more information, visit www.grupofamsa.com.
Grupo Santander
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with a presence in 10 main markets. At the end of 2009, Santander was the largest bank in the euro zone by market capitalization and fourth in the world by profit. Founded in 1857, Santander had EUR 1,245 billion in managed funds at the end of 2009. Santander’s 170,000 employees serve its 92 million customers through 13,660 branches, more than any other international bank. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal. Santander has a broad presence in Europe through its Santander Consumer Finance arm and in the U.S. northeast through Sovereign Bancorp. In 2009, Santander registered EUR 8,943 million in net attributable profit.
In Mexico, the bank offers a full suite of financial products and services through more than 1,000 branches in Mexico. In 1997, Grupo Santander acquired Banco Mexicano to form Grupo Financiero Santander Mexicano. In 2000, Grupo Financiero Santander Mexicano acquired Banca Serfin and Grupo Financiero Santander Serfin was formed. In 2004 Banco Santander Mexicano and Banca Serfin merged to form what is now Banco Santander (Mexico), S.A. Today Banco Santander (Mexico), S.A. is the third largest bank in Mexico (in terms of assets). For more information, visit www.santander.com.mx
Banco del Ahorro Nacional y Servicios Financieros, S.N.C.
Banco del Ahorro Nacional y Servicios Financieros, S.N.C. (Bansefi) is a development bank created by the Mexican Government in order to offer financial services to the underbanked population and to incorporate the semi-informal financial intermediaries into Mexico’s financial system. Bansefi, through its 477 branches, takes part as a new player in the remittance market with the higher purpose of promoting financial inclusion. Furthermore, Bansefi has created L@ Red de la Gente through commercial alliances with 276 Savings and Loan Associations (savings banks, cooperatives, Popular Financial Companies) that aims to provide the Mexican population a wide range of financial services with the firm intention to reach the less accessible regions in the country. Currently L@ Red de la Gente operates through 2.163 branches in 915 municipalities located throughout Mexico. For more information, visit www.bansefi.gob.mx
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