Western Union Expands Global Ecosystem with Completion of Investment into stc Bank
Western Union (NYSE: WU) has acquired a 15% stake in stc Bank for $200 million, positioning itself in a growing payments technology company and one of the first digital banks in the Kingdom of Saudi Arabia. This investment strengthens Western Union's global consumer ecosystem and enhances its digital growth strategy. The licensing for stc Bank as a digital bank has been approved by the Saudi Council of Ministers and is awaiting regulatory requirements from the Saudi Central Bank (SAMA).
- Acquisition of a 15% stake in stc Bank for $200 million enhances Western Union's position in the digital banking sector.
- The investment supports Western Union's global consumer ecosystem and its growth strategy.
- stc Bank is poised for growth with recent licensing approval from the Saudi Council of Ministers.
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Investment Enables Participation in the Growth of a
“We are very excited about our investment in stc Bank as it supports the expansion of our global consumer ecosystem and accelerates Western Union’s growth strategy by deepening our relationship with an innovative partner in an important region for digital payments,” said
stc Bank is well positioned for expansion into new digital banking services and continued growth in the future, with the
In tandem with the investment agreement, announced in
Western Union’s investment in stc Bank marks another milestone in the execution of the company’s digital growth strategy, which includes serving customers through its westernunion.com business as well as leveraging its omni-channel, cross border platform and global financial network to help partners expand the services they offer their customers.
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About
About stc Bank
In harmony with the Kingdom’s Vision 2030 to progress and diversify digital services; stc Bank has been built to become a pioneering service of the futuristic wave that enables new endeavors and unlocks new possibilities. We share a future vision with customers and businesses to provide new and innovative technologies and digital experiences.
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