Western Union Expands Global Ecosystem with Completion of Investment into stc Bank
12 Ottobre 2021 - 10:05PM
Business Wire
Investment Enables Participation in the Growth
of a Dynamic Payments Technology Company and one of the First
Digital Banks in the Middle East
The Western Union Company (NYSE: WU), a global leader in
cross-border, cross-currency money movement and payments, today
announced it has completed its acquisition of a minority stake in
stc Bank (formerly operating as Saudi Digital Payments Company, or
stc pay, which was a leading digital wallet service provider in
Saudi Arabia) and is in the process of launching as one of the
first digital banks in the Kingdom of Saudi Arabia. According to
the terms of the transaction, Western Union has acquired 15%
ownership of stc Bank for $200 million.
“We are very excited about our investment in stc Bank as it
supports the expansion of our global consumer ecosystem and
accelerates Western Union’s growth strategy by deepening our
relationship with an innovative partner in an important region for
digital payments,” said Western Union Chief Executive Officer
Hikmet Ersek. “We look forward to contributing to the company’s
continued growth and expansion in the coming years as they build
out a broader ecosystem of digital payment services to a wide range
of customers.”
stc Bank is well positioned for expansion into new digital
banking services and continued growth in the future, with the Saudi
Council of Ministers having recently issued its decision to approve
its licensing as a digital bank. The decision is subject to
completing the regulatory requirements of the Saudi Central Bank
(SAMA).
In tandem with the investment agreement, announced in November
2020, both companies have extended the terms of their existing
commercial relationship. This partnership sees Western Union
provide money transfer services that allow stc Bank’s users to send
money from its app to 200+ countries and territories in 130+
currencies through Western Union’s extensive global financial
network of bank accounts, wallets and cards.
Western Union’s investment in stc Bank marks another milestone
in the execution of the company’s digital growth strategy, which
includes serving customers through its westernunion.com business as
well as leveraging its omni-channel, cross border platform and
global financial network to help partners expand the services they
offer their customers.
WU-G
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Western
Union’s platform provides seamless cross-border flows and its
leading global financial network bridges more than 200 countries
and territories and over 130 currencies. We connect businesses,
financial institutions, governments, and consumers through one of
the world’s widest reaching networks, accessing billions of bank
accounts, millions of digital wallets and cards, and more than
550,000 retail locations. Western Union connects the world to bring
boundless possibilities within reach. For more information, visit
www.westernunion.com.
About stc Bank
In harmony with the Kingdom’s Vision 2030 to progress and
diversify digital services; stc Bank has been built to become a
pioneering service of the futuristic wave that enables new
endeavors and unlocks new possibilities. We share a future vision
with customers and businesses to provide new and innovative
technologies and digital experiences.
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version on businesswire.com: https://www.businesswire.com/news/home/20211012006120/en/
Media Relations: Claire Treacy
Claire.Treacy@westernunion.com
Investor Relations: Brad Windbigler
brad.windbigler@westernunion.com
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