{"id":231224,"date":"2026-05-14T11:55:08","date_gmt":"2026-05-14T11:55:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/231224\/"},"modified":"2026-05-14T11:55:08","modified_gmt":"2026-05-14T11:55:08","slug":"nyc-mayor-pushes-state-to-quash-western-union-intermex-deal","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/231224\/","title":{"rendered":"NYC Mayor Pushes State to Quash Western Union-Intermex Deal"},"content":{"rendered":"

That $500 million deal is now facing pushback from New York City Mayor Zohran Mamdami<\/a>, who argues the acquisition would put financial pressure on the city\u2019s immigrants, the New York Times (NYT) reported<\/a> Wednesday (May 13).<\/p>\n

\u201cRemittances are a crucial lifeline for New Yorkers and their communities abroad,\u201d Mamdani wrote in a letter to the New York State Department of Financial Services<\/a> (NYDFS), asking them to block the deal.<\/p>\n

The letter, obtained by the NYT, added that the acquisition \u201cwould further strain the already challenging economic circumstances facing New York City\u2019s immigrant communities.\u201d<\/p>\n

As the NYT notes, Western Union and Intermex operate retail locations that let recent immigrants send money back to their home country. These remittances have been increasing as immigrants try to transmit as much money back home as they can out of fears that they may soon be deported<\/a>.<\/p>\n

Western Union\u2019s deal, announced<\/a> last August, had been expected to close during the second quarter of this year, pending regulatory approval.<\/p>\n

Advertisement: Scroll to Continue<\/p>\n

According to the report, Western Union issued a response to Mamdani\u2019s letter, telling the NYDFS that the acquisition would \u201censure that accessible and affordable\u201d services would still be available for New York City immigrants by helping it compete against digital-only rivals.<\/p>\n

The company added that it was \u201ccommitted\u201d to retail remittances<\/a>, saying that they make up around 60% of Western Union\u2019s revenue.<\/p>\n

During an earnings call last month, company officials say they were looking to mergers and acquisitions as a driver of growth.<\/p>\n

This came after a quarter in which revenues were flat<\/a>, thanks in part to a decline in the company\u2019s Americas business.<\/p>\n

\u201cAs you know, remittances in the Americas have faced meaningful pressure that began early last year and continued through this winter, particularly across our key U.S. to Latin American corridors,\u201d Western Union President and CEO Devin McGranahan<\/a> said on an earnings call.<\/p>\n

\u201cWe saw meaningful declines to markets like Mexico, Ecuador and Guatemala, driven by a combination of migration dynamics and U.S. immigration policy.\u201d<\/p>\n

The company recently closed two other acquisitions, those of Lana and Dash<\/a>. Western Union also acquired Eurochange<\/a> in April of last year.<\/p>\n

Western Union has said it is banking on Intermex to boost its presence in high-value markets. Eurochange will expand its footprint<\/a> in the European travel money market, management said during the earnings call, adding that Dash will bring digital wallet<\/a> capabilities and access to the Asia-Pacific tech hub, and Lana will introduce a digital wallet in Mexico.<\/p>\n","protected":false},"excerpt":{"rendered":"That $500 million deal is now facing pushback from New York City Mayor Zohran Mamdami, who argues the…\n","protected":false},"author":2,"featured_media":231225,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[5590,90722,90601,9,12,56,63,65,64,70339,31826,90604,90723,31827,82],"class_list":["post-231224","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-acquisitions","tag-intemex","tag-international-money-express","tag-new-york","tag-news","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-nydfs","tag-pymnts-news","tag-remittances","tag-western-union","tag-whats-hot","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/231224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=231224"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/231224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/231225"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=231224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=231224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=231224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}