First Data Corporation Announces Plans to Acquire VIGO
May 17, 2005
Madison - First Data Corporation, a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide, and owner of a family of remittance companies, including Western Union and Orlandi Valuta, has recently announced its plans to acquire VIGO Remittance Corporation, subject to regulatory approval.
VIGO is one of World Council of Credit Unions, Inc.'s (WOCCU) strategic partners within its International Remittance Network (IRnet) program, which offers remittance services to credit unions and their members in the U.S. and abroad.
In anticipation of this development, WOCCU met with VIGO's senior management to discuss the potential impact of this acquisition on IRnet credit unions. After the acquisition announcement was made public, VIGO informed WOCCU of the following:
- VIGO will continue to operate as an independent subsidiary within First Data Corporation's Payment Services Division;
- VIGO's positioning and marketing strategy is not expected to change. "VIGO" will continue as a brand name and, as key elements of the brand, the price differentiation and exchange rate disclosures will remain unchanged; and
- Contractual obligations between WOCCU and VIGO will be transferred along with the purchase and will be valid under the same terms and conditions.
IRnet products & services manager, Pablo DeFilippi, responded to the announcement stating, "WOCCU will continue providing an affordable remittance service alternative to consumers through its IRnet program and is committed to working with VIGO's management team after the acquisition is finalized."
WOCCU has notified all IRnet Program credit unions of the acquisition and will continue to do so as additional information becomes available. Any new information regarding the future of the relationship will also be posted to WOCCU's website at www.woccu.org.
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.