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MONEYGRAM INTERNATIONAL, INC.

(MGI)
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MoneyGram International : Shares Rise 11% on Partnership With Al Rajhi Bank

06/04/2020 | 12:40pm EDT

By Chris Wack

 

MoneyGram International Inc. shares were up 11% to $3.46 after it said it has entered into a strategic partnership with Al Rajhi Bank, the largest Islamic bank in the world, and Tahweel Al Rajhi, the remittances arm of Al Rajhi Bank, to provide money transfer services in Saudi Arabia.

The money-transfer company said the partnership covers both digital and walk-in channels and will enable strong customer growth in one of the world's largest remittance markets.

According to the World Bank, Saudi Arabia is home to over 11 million immigrants who send about $33.6 billion in remittances, making it the second-largest country for outbound flows. MoneyGram said it will work with Al Rajhi Bank to provide customers with multiple payout services including cash, account deposit and digital wallet capabilities.

 

Write to Chris Wack at chris.wack@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
AL RAJHI BANKING AND INVESTMENT CORPORATION -0.54% 110 End-of-day quote.49.46%
MONEYGRAM INTERNATIONAL, INC. 1.65% 10.48 Delayed Quote.91.77%
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Financials (USD)
Sales 2021 1 289 M - -
Net income 2021 -15,6 M - -
Net Debt 2021 727 M - -
P/E ratio 2021 -57,1x
Yield 2021 -
Capitalization 949 M 949 M -
EV / Sales 2021 1,30x
EV / Sales 2022 1,20x
Nbr of Employees 2 269
Free-Float 80,2%
Chart MONEYGRAM INTERNATIONAL, INC.
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MoneyGram International, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends MONEYGRAM INTERNATIONAL, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Last Close Price 10,48 $
Average target price 8,56 $
Spread / Average Target -18,3%
EPS Revisions
Managers and Directors
NameTitle
W. Alexander Holmes Chairman & Chief Executive Officer
Lawrence Angelilli Chief Financial Officer & Executive Vice President
Hilary Jackson Chief Operating Officer
Andres Villareal Chief Compliance Officer
Robert L. Villase˝or Secretary, General Counsel & CAO
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