Fexco

Fexco Financial Services

Company type	Private company
Industry	Financial services
Founded	1981; 44 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]
Products	Foreign exchange
Number of employees	~2,500[3]
Website	www.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] United States, 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. "The money-changer". independent.ie. Independent News & Media. 5 April 2008. Retrieved 29 October 2019.
2. "Fexco scooped €23m after stock exchange sale". independent.ie. Independent News & Media. 17 October 2019. Retrieved 29 October 2019.
3. "About Fexco". fexco.com. Fexco. Retrieved 29 October 2019.
4. O'Halloran, Barry. "The business of financial services adds up for Fexco". The Irish Times. Retrieved 2019-10-31.
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. Retrieved 2019-10-31 – via www.thetimes.co.uk.
6. "Fortune for the Kingdom: Fexco to create 175 jobs in Kerry". siliconrepublic.com. Silicon Republic. 3 July 2018. Retrieved 30 October 2019.
7. "Fexco expands into South Pacific". FINANCIAL SERVICES. independent.ie. 18 June 2009. Retrieved 22 May 2013.
8. "Fexco expanding in the Gulf with two significant ventures". independent.ie. 31 August 2006. Retrieved 22 May 2013.
9. "Fexco Appoints Cathal Foley as CEO of Fexco Asia (PR Newswire)". Bloomberg. 2019-09-16. Retrieved 2019-10-30.
10. "A Brief History Of The Irish Prison Service". Archived from the original on May 10, 2009. Retrieved August 17, 2009.
11. "Fexco vice-chairman role for Dick Spring". independent.ie. Independent News & Media. 10 September 2002. Retrieved 29 October 2019.
12. "Contact Centre of the Year Award". Archived from the original on May 1, 2010. Retrieved November 20, 2009.
13. "Goodbody may be sold as part of AIB restructure – Irish, Business". The Irish Independent. 15 January 2010. Archived from the original on 3 August 2012. Retrieved 18 October 2011.
14. Daly, Gavin (27 June 2010). "Fexco to pay €20 million for Goodbody Stockbrokers | The Post". sbpost.ie. Sunday Business Post. Retrieved 18 October 2011.
15. "Cantillon - Inside the World of Business". The Irish Times. 7 July 2010. Retrieved 18 October 2011.
16. "Announcement - 20 September 2010". goodbody.ie. Archived from the original on 23 September 2010.
17. "Companies - Financial Services – Goodbody sale highlights economic decline". Financial Times. 27 September 2010. Retrieved 18 October 2011.
18. "Fexco makes a bargain basement deal for Goodbody – Irish, Business". The Irish Independent. 26 September 2010. Archived from the original on 1 August 2012. Retrieved 18 October 2011.
19. "Goodbody owner Fexco appoints McCarthy as new CEO". independent. 7 February 2015. Retrieved 2020-02-18.
20. "About Us". cecltd.com. Currency Exchange Corporation Ltd. Retrieved 29 October 2019. In 2016, Currency Exchange Corporation was acquired by Fexco Ltd
21. "Second time lucky for Goodbody Stockbrokers?". The Irish Times. 2019-05-18. Retrieved 2019-10-30.
22. Percival, Geoff (2019-11-15). "Goodbody to be sold to Bank of China in €150m deal". www.irishexaminer.com. Retrieved 2020-02-18.
23. "Bank of China's €155m acquisition of Goodbody Stockbrokers scrapped". NS Banking. 2020-07-13. Retrieved 2020-09-23.
24. Goodbody, Will (2020-07-10). "Takeover of Goodbody by Bank of China falls through". {{cite journal}}: Cite journal requires |journal= (help)
25. "AIB confirms €138m deal to buy Goodbody". irishtimes.com. Irish Times. 2 March 2021. Retrieved 31 July 2021.

External links

• Official website