Western Union Granted Austria Banking LicenseDate: Wednesday, October 27, 2004
Western Union Financial Services, Inc. today announced that it has been granted a banking license by Finanzmarktaufsicht Behorde (FMA), the Austrian Financial Market Authority.
The license will allow Western Union to expand the range of products and services that it offers to European consumers. Initially, Western Union, together with the Western Union agents, will focus on expanding the company's core money transfer business, both at retail locations and on-line. The license provides an opportunity to represent agents and the Western Union business within the European financial services community.
"The banking license is a milestone in expanding our distribution channels globally," said Christina Gold, president, Western Union Financial Services, Inc., a wholly owned subsidiary of First Data Corp. (NYSE: FDC). "This unlocks a potential for significant growth for Western Union and helps ensure that we are poised for future expansion."
The license expands growth opportunities for Western Union within Europe by providing access to on-line payment solutions and the opportunity to develop new products and services within an increasingly regulated marketplace.
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