The FINANCIAL — The Western Union Company (NYSE: WU) announced on June 7 that it has signed an agreement with Yapi Kredi, a top retail, private and commercial bank in Turkey.
Western Union national and international money-transfer services are now offered at 830 Yapi Kredi branches throughout Turkey.
According to Western Union, the agreement with Yapi Kredi represents an excellent opportunity for Western Union to expand its distribution network in Turkey, which currently consists of more than 4,700 locations in 81 cities, and potentially target Yap Kredi's 6 million-strong customer base.
Jan Hillered, Senior Vice President, Europe & CIS at Western Union, said, "I am delighted to announce the agreement with YKB. Western Union has a strong network in Turkey, which covers the entire country and consists of many top banks, as well as the post office. YKB is an excellent addition to this network as it has a powerful retail franchise and a well-recognised brand. Offering the Western Union(R) Money Transfer service at 830 YKB branches will mean enhanced service and convenience for our customers, as well as the opportunity to expand our customer base and leverage our brand name in Turkey."
Nazan Somer, Executive Vice President Retail Banking Yapi Kredi, said, "We are very pleased to have such collaboration with one of the world's leading money-transfer companies. As one of the market leaders in the banking sector in Turkey, we see the introduction of the Western Union Money Transfer service as one of the key drivers in increasing customer satisfaction. The Western Union Money Transfer service will certainly enhance our full range of financial services offered to our customer base."