Fexco is an Ireland-based

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

and

financial technology Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

company focusing on

bureau de change A bureau de change (plural bureaux de change, both ; British English) or currency exchange (Comparison of American and British English, American English) is a business where people can exchange one currency for another. Nomenclature Original ...

and

payment card Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and ...

services. Its head office is located in

Killorglin Killorglin () is a town in County Kerry, Ireland. As of the 2022 census, the town's population was 2,163. Killorglin is on the Ring of Kerry tourist route, and annual events include the August Puck Fair festival, which starts with the crownin ...

County Kerry County Kerry () is a Counties of Ireland, county on the southwest coast of Republic of Ireland, Ireland, within the Provinces of Ireland, province of Munster and the Southern Region, Ireland, Southern Region. It is bordered by two other countie ...

. As of 2019, Fexco reports it has more than 2,500 staff and of these, 1,200 are based in Ireland, with other staff in 29 countries worldwide, including the UK, Spain, New Zealand, United States, Middle East and Asia.

History

Fexco was set up in 1981 by Brian McCarthy, originally to provide

services to the Irish market. McCarthy, now acting as Fexco chairman, is also chairman of the Irish Prisons Board. Former

Tánaiste The Tánaiste ( , ) is the second-ranking member of the government of Ireland and the holder of its second-most senior office. It is the equivalent of the deputy prime minister in other parliamentary systems. The Tánaiste is appointed by the P ...

Dick Spring Richard Martin Spring (born 29 August 1950) is an Irish former Labour Party (Ireland), Labour Party politician who served as Tánaiste from 1982 to 1987, 1992 to November 1994, and December 1994 to 1997, Leader of the Labour Party (Ireland), L ...

was appointed as an executive vice-chairman of Fexco in 2002. As of 2009, services offered by Fexco included prize bonds, dynamic currency conversion and related customer services. In 2010, Fexco acquired 75% of

Goodbody Stockbrokers Goodbody Stockbrokers is Ireland's longest established stockbroking firm with roots dating back to 1877. As well as being one of the leading institutional brokers, it is one of the largest private client firms in Ireland. It is a member firm o ...

for a reported bargain price of €24 million with the management take the remaining 25% stake in the business. The

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...

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. In February 2015, Denis McCarthy was appointed chief executive officer of Fexco. McCarthy had been active chief executive since Gavin O'Neill departed the company in 2014. The Currency Exchange Corporation was acquired by Fexco in 2016. In 2018, Fexco turned down a deal to sell Goodbody to a Chinese consortium for €150 million. In November 2019, it was announced that Goodbody could to be sold to

Bank of China The Bank of China (BOC; ; Portuguese language, Portuguese: ''Banco da China'') is a state-owned Chinese Multinational corporation, multinational banking and financial services corporation headquartered in Beijing, Beijing, China. It is one of ...

for approximately €150 million, however by July 2020 it was reported that Bank of China was withdrawing from this acquisition citing uncertainty over the Coronavirus pandemic. In March 2021, AIB confirmed that it had agreed to acquire Goodbody Stockbrokers for €138 million.

References

External links

Official website
Financial services companies of the Republic of Ireland Foreign exchange companies Financial technology companies Irish brands {{Ireland-company-stub