Western Union has expanded its existing commercial partnership with Stc Bank as part of the deal. Credit: Phillip Pessar / flickr.

The Western Union Company has completed its acquisition of a 15% stake in Saudi Arabia-based stc Bank for $200m. The deal was first announced in November last year.

stc Bank, formerly known as Saudi Digital Payments Company (stc pay), is currently in the process of establishing itself as a digital bank.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The Saudi Council of Ministers recently decide to approve its licensing as a digital bank. The decision is subject to fulfilling the regulatory requirements of the Saudi Central Bank (SAMA).

According to Western Union CEO Hikmet Ersek, the investment in stc Bank will support the firm’s global consumer ecosystem while accelerating its growth strategy in Saudi Arabia.

Ersek said: “We look forward to contributing to the company’s continued growth and expansion in the coming years as they build out a broader ecosystem of digital payment services to a wide range of customers.”

As part of the deal, Western Union has expanded its existing commercial partnership with stc Bank.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company will now enable stc Bank users to send money from its app to more than 200 countries and territories in over 130 currencies via its global financial network.

Furthermore, Western Union is accelerating its digital growth strategy with this strategic investment.

This strategy focuses on serving customers through westernunion.com business and utilising its omni-channel, cross border platform and global financial network to help partners expand the services they offer to their customers.

Recently, Western Union announced partnership with major financial institutions in Africa to facilitate cross-border payments for African citizens.