UPDATE 1-Western Union gets Brazil OK to operate commercial bank

* Nod also for operating foreign exchange brokerage firm

* Permits come into effect immediately

Sept 28 (BestGrowthStock) – Western Union Co (WU.N: ) said it got
approval to operate a commercial bank and foreign exchange
brokerage firm in Brazil, that allows it to offer transfer
services directly to consumers in the country.

The approvals, that are effective immediately, also allow
Western Union to introduce new financial services, including
domestic money transfers, consumer bill payments and prepaid
cards in Brazil, the world’s largest payment transfer company
said in a statement.

Englewood, Colorado- based Western Union currently provides
international money-transfer service in Brazil through its
agent network.

Shares of the company, which competes with MoneyGram
International (MGI.N: ), have gained about 12 percent since the
beginning of this month when Hikmet Ersek formally assumed the
position of chief executive at the company.

Western Union shares were down 4 cents at $17.61 early
morning Tuesday on the New York Stock Exchange.
(Reporting by Brenton Cordeiro in Bangalore; Editing by Maju
Samuel)

UPDATE 1-Western Union gets Brazil OK to operate commercial bank