Company:Fexco

From HandWiki
Short description: Irish financial services and payments company
Fexco Financial Services
TypePrivate company
IndustryFinancial services
Founded1981; 43 years ago (1981)
Headquarters
Killorglin
,
Ireland
Area served
Europe, Middle East, Asia, North America, Latin America, Australasia
Key people
  • Brian McCarthy (Founder and chairman)[1]
  • Denis McCarthy (CEO)[2]
ProductsForeign exchange
Number of employees
~2,500[3]
Websitewww.fexco.com

Fexco is an Ireland-based financial services and financial technology company focusing on bureau de change and payment card services.[4][5] 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,[6] with other staff in 29 countries worldwide, including the UK, Spain, New Zealand,[7] USA, Middle East[8] and Asia.[9]

History

Fexco was set up in 1981 by Brian McCarthy, originally to provide bureau de change services to the Irish market.[1] McCarthy, now acting as Fexco chairman, is also chairman of the Irish Prisons Board.[10]

Former Tánaiste Dick Spring was appointed as an executive vice-chairman of Fexco in 2002.[11]

As of 2009, services offered by Fexco included prize bonds, dynamic currency conversion and related customer services.[12]

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.[13][14][15][16] 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.[17][18]

In February 2015, Denis McCarthy was appointed chief executive officer of Fexco.[19] McCarthy had been active chief executive since Gavin O'Neill departed the company in 2014.[19] The Currency Exchange Corporation was acquired by Fexco in 2016.[20]

In 2018, Fexco turned down a deal to sell Goodbody to a Chinese consortium for €150 million.[21] In November 2019, it was announced that Goodbody could to be sold to Bank of China for approximately €150 million,[22] however by July 2020 it was reported that Bank of China was withdrawing from this acquisition citing uncertainty over the Coronavirus pandemic.[23][24] In March 2021, AIB confirmed that it had agreed to acquire Goodbody Stockbrokers for €138 million.[25]

References

  1. ↑ 1.0 1.1 "The money-changer". Independent News & Media. 5 April 2008. https://www.independent.ie/business/irish/the-moneychanger-26435294.html. 
  2. ↑ "Fexco scooped €23m after stock exchange sale". Independent News & Media. 17 October 2019. https://www.independent.ie/business/irish/fexco-scooped-23m-after-stock-exchange-sale-38602528.html. 
  3. ↑ 3.0 3.1 "About Fexco". Fexco. https://fexco.com/fexco/about-fexco/corporate-information/. 
  4. ↑ O'Halloran, Barry. "The business of financial services adds up for Fexco". The Irish Times. https://www.irishtimes.com/business/financial-services/the-business-of-financial-services-adds-up-for-fexco-1.1042733. 
  5. ↑ "Focus: From his scenic offices in Co Kerry Brian McCarthy controls a huge multinational business. But it's no thanks to Irish officialdom which, he says, should be sacked for incompetence". The Sunday Times. 8 August 2004. ISSN 0956-1382. https://www.thetimes.co.uk/article/focus-from-his-scenic-offices-in-co-kerry-brian-mccarthy-controls-a-huge-multinational-business-but-its-no-thanks-to-irish-officialdom-which-he-says-should-be-sacked-for-incompetence-ngqw2lw72qm. 
  6. ↑ "Fortune for the Kingdom: Fexco to create 175 jobs in Kerry". Silicon Republic. 3 July 2018. https://www.siliconrepublic.com/jobs/fexco-kerry-fintech-killorglin. 
  7. ↑ "Fexco expands into South Pacific". FINANCIAL SERVICES. independent.ie. 18 June 2009. http://www.independent.ie/business/world/fexco-expands-into-south-pacific-26544744.html. 
  8. ↑ "Fexco expanding in the Gulf with two significant ventures". independent.ie. 31 August 2006. http://www.independent.ie/business/irish/fexco-expanding-in-the-gulf-with-two-significant-ventures-26362836.html. 
  9. ↑ "Fexco Appoints Cathal Foley as CEO of Fexco Asia (PR Newswire)". Bloomberg. 2019-09-16. https://www.bloomberg.com/press-releases/2019-09-16/fexco-appoints-cathal-foley-as-ceo-of-fexco-asia. 
  10. ↑ "A Brief History Of The Irish Prison Service". http://www.irishprisons.ie/about_us-history.htm. 
  11. ↑ "Fexco vice-chairman role for Dick Spring". Independent News & Media. 10 September 2002. https://www.independent.ie/business/irish/fexco-vicechairman-role-for-dick-spring-26034075.html. 
  12. ↑ "Contact Centre of the Year Award". http://www.fexco.com/news-view.php?id%3D158. 
  13. ↑ "Goodbody may be sold as part of AIB restructure – Irish, Business". The Irish Independent. 15 January 2010. http://www.independent.ie/business/irish/goodbody-may-be-sold-as-part-of-aib-restructure-2014978.html. 
  14. ↑ Daly, Gavin (27 June 2010). "Fexco to pay €20 million for Goodbody Stockbrokers | The Post". Sunday Business Post. http://www.sbpost.ie/news/ireland/fexco-to-pay-20-million-for-goodbody-stockbrokers-50151.html. 
  15. ↑ "Cantillon - Inside the World of Business". The Irish Times. 7 July 2010. http://www.irishtimes.com/newspaper/finance/2010/0703/1224273902327.html. 
  16. ↑ "Announcement - 20 September 2010". http://www.goodbody.ie/news/announcement.html. 
  17. ↑ "Companies - Financial Services – Goodbody sale highlights economic decline". Financial Times. 27 September 2010. http://www.ft.com/cms/s/0/cca2d9d8-c9c9-11df-b3d6-00144feab49a.html. 
  18. ↑ "Fexco makes a bargain basement deal for Goodbody – Irish, Business". The Irish Independent. 26 September 2010. http://www.independent.ie/business/irish/fexco-makes-a-bargain-basement-deal-for-goodbody-2353399.html. 
  19. ↑ 19.0 19.1 "Goodbody owner Fexco appoints McCarthy as new CEO" (in en). 7 February 2015. https://www.independent.ie/business/irish/goodbody-owner-fexco-appoints-mccarthy-as-new-ceo-30971150.html. 
  20. ↑ "About Us". Currency Exchange Corporation Ltd. https://www.cecltd.com/?q=about-us. "In 2016, Currency Exchange Corporation was acquired by Fexco Ltd" 
  21. ↑ "Second time lucky for Goodbody Stockbrokers?". The Irish Times. 2019-05-18. https://www.irishtimes.com/business/financial-services/second-time-lucky-for-goodbody-stockbrokers-1.3895994. 
  22. ↑ Percival, Geoff (2019-11-15). "Goodbody to be sold to Bank of China in €150m deal" (in en). https://www.irishexaminer.com/breakingnews/business/goodbody-to-be-sold-to-bank-of-china-in-150m-deal-964283.html. 
  23. ↑ "Bank of China's €155m acquisition of Goodbody Stockbrokers scrapped" (in en-US). 2020-07-13. https://www.nsbanking.com/news/bank-of-china-goodbody-stockbrokers/. 
  24. ↑ Goodbody, Will (2020-07-10) (in en). Takeover of Goodbody by Bank of China falls through. https://www.rte.ie/news/business/2020/0710/1152581-takeover-of-goodbody-by-bank-of-china-falls-through/. 
  25. ↑ "AIB confirms €138m deal to buy Goodbody". Irish Times. 2 March 2021. https://www.irishtimes.com/business/financial-services/aib-confirms-138m-deal-to-buy-goodbody-1.4499074. Retrieved 31 July 2021. 

External links




Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Fexco&oldid=3675614"