Fexco Financial Services
TypePrivate company
IndustryFinancial services
Founded1981 (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 2 "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. 1 2 "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. 1 2 "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.
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