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Grupo Vimenca Agreement Extends Western Union's Presence in Dominican Republic

Monday, January 7, 2008 10:00 AM

Business Relationship Built On One Fundamental Principle: Consumer Comes First

ENGLEWOOD, Colo.& SANTO DOMINGO, Dominican Republic, Jan 07, 2008 (BUSINESS WIRE) -- The Western Union Company (NYSE: WU), a global leader in money transfer services, and Grupo Vimenca, a privately held group of financial services companies in the Dominican Republic, have renewed their relationship by entering into a 10-year agreement.

The deal, ratified at a signing ceremony in Santo Domingo to commemorate the companies' 18-year business relationship, will continue to provide consumers the ability to send and receive intra-country and outbound global money transfers through the Western Union(R) Agent network. Christina Gold, President and CEO Western Union, and Don Victor Mendez Capellan, President and Founder Grupo Vimenca, represented their companies at the event.

Grupo Vimenca, a family-owned company that began as a small business with one employee, today offers consumers global money transfer services through Western Union, in addition to banking, mortgage, business-to-business call center services, travel and mobile offerings.

Western Union entered the Dominican Republic in 1989 with Remesas Vimenca, a wholly owned subsidiary of Grupo Vimenca which now boasts a strong network of more than 205 locations throughout the country.

Gold commented: "Dominican Republic is a key strategic market for Western Union. For companies operating on a global scale, the ability to interact with consumers on a day-to-day basis is a prerequisite for business success. Through Vimenca, Western Union has been able to consistently achieve this goal over the last 18 years. Today's announcement is yet another demonstration of Western Union's commitment to serve and help our consumers achieve their life goals. We are delighted to work with Vimenca and look forward to continue delivering fast and reliable money transfer services that support the evolving needs of the Dominican consumer."

Mendez Capellan added: "Western Union and Group Vimenca are names synonymous with trust. Western Union's mission to serve others mirrors the founding principles of Vimenca: patience, humility, prudence, discipline and loyalty. Together, we share similar attributes in our approach to business, which include the shared belief, the consumer comes first. In the years ahead, we will continue to cultivate our mutual strengths to benefit of the families we serve."

According to The World Bank, the number of worldwide immigrants is nearly 200 million or approximately three percent of the world's population. As economic and social climates change, Western Union is uniquely positioned to respond to these trends. With more than 320,000 global Agent locations, Western Union's robust Agent network enables consumers to chose, when and how to send money to their loved ones.

About The Western Union Company

The Western Union Company (NYSE: WU) is a leader in global money transfer services. Together with its affiliates, Orlandi Valuta and Vigo, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. It operates through a network of more than 320,000 Agent locations in over 200 countries and territories. Famous for its pioneering telegraph services, the original Western Union dates back to 1851. For more information, visit www.westernunion.com.

SOURCE: The Western Union Company

The Western Union Company Daniel Diaz, +1-720-332-5564 daniel.diaz@WesternUnion.com 

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