August 22, the first Western Union flagship store which was jointly established by Agricultural Bank of China (ABC) and the Western Union Financial Services Company opened to the public officially at ABC's Huan Shizhong branch in Guangzhou. Representatives from the private finance department of ABC's head office, ABC Guangdong branch and Western Union's representative in charge of China and North Asia attended the opening ceremony.
Western Union, with a history of 150 years, is a subsidiary of the First Data Corporation which is a U.S. Fortune 500 company. It is considered a global leader in international money-transfer services. It has the world's biggest and most advanced electronic exchange financial network with more than 334,000 Agent locations in over 200 countries and territories. Western Union's main customer base includes expatriates, students abroad, international business travelers and small traders, and its remittance system is very reliable, fast and convenient.
As early as July 2001, ABC became the first domestic bank to sign an agreement to cooperate with Western Union to offer customers this superior money transfer service worldwide. In the 8 years since ABC's Western Union money transfer business grows steadily with a remittance amount of nearly 10 billion U.S. dollars.
This year, in order to provide customers with more convenient financial services in international exchange, Agricultural Bank of China leveraged its network and client resources, and launched the flagship store program with Western Union to establish a number of stores in Guangdong, Fujian, Shanghai, Liaoning, Beijing, Shenzhen, Zhejiang, Jiangsu, Jilin, Henan and other key provinces and cities. The newly established flagship store will combine remittance service with ABC's individual telegraphic transfer, demand draft, personal exchange settlement and sales, foreign currency exchange and foreign exchange savings to provide customer with a package of services to build ABC's personal international exchange brand as International Exchange Center, the Global Remittance Express, aimed at high-end customers.
With Western Union's flag-ship store established at Guangdong branch in 2009, ABC's Western Union remittance business will accelerate development and scale new heights. In the future, ABC will reward customers by providing more comprehensive and professional services and a range of marketing offers to make customers feel the real "zero distance" of globalized financial service through convenient, fast, thoughtful financial remittance services while engaged in overseas study, travel, work and international trade.
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