Fexco
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Fexco is an Ireland-based financial services and financial technology company focusing on bureau de change and payment card services.[1][2] Its head office is located in Killorglin, County Kerry. As of 2019, Fexco reports it has more than 2,500 staff[3] and of these, 1,200 are based in Ireland,[4] with other staff in 29 countries worldwide, including the UK, Spain, New Zealand,[5] United States, Middle East[6] and Asia.[7]
History
Fexco was set up in 1981 by Brian McCarthy, originally to provide bureau de change services to the Irish market.[8] McCarthy, now acting as Fexco chairman, is also chairman of the Irish Prisons Board.[9]
Former Tánaiste Dick Spring was appointed as an executive vice-chairman of Fexco in 2002.[10]
As of 2009, services offered by Fexco included prize bonds, dynamic currency conversion and related customer services.[11]
In 2010, Fexco acquired 75% of Goodbody Stockbrokers for a reported bargain price of €24 million with the management take the remaining 25% stake in the business.[12][13][14][15] The Financial Times commented that the modest price tag placed on Ireland’s oldest stockbroker and "one-time bastion of Ireland's Protestant business elite" was just another measure of the dramatic decline of the Irish economy.[16][17]
In February 2015, Denis McCarthy was appointed chief executive officer of Fexco.[18] McCarthy had been active chief executive since Gavin O'Neill departed the company in 2014.[18] The Currency Exchange Corporation was acquired by Fexco in 2016.[19]
In 2018, Fexco turned down a deal to sell Goodbody to a Chinese consortium for €150 million.[20] In November 2019, it was announced that Goodbody could to be sold to Bank of China for approximately €150 million,[21] however by July 2020 it was reported that Bank of China was withdrawing from this acquisition citing uncertainty over the Coronavirus pandemic.[22][23] In March 2021, AIB confirmed that it had agreed to acquire Goodbody Stockbrokers for €138 million.[24]
References
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External links
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