Fexco acquires London’s largest specialist foreign exchange business for £ 10 million

  • Fexco acquires London’s largest specialist foreign exchange business for £ 10 million
    Independent.t. E.
    Kerry-based FINTECH company Fexco has acquired London-leading retail foreign exchange company Thomas exchange global (TEG).
    https://www.independent.ie/business/irish/fexco-acquires-londons-largest-specialist-foreign-exchange-business-for-10m-37217785.html
    https://www.independent.ie/incoming/article37217790.ece/2510c/AUTOCROP/h342/01.JPG

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Kerry-based FINTECH company Fexco has acquired London-leading retail foreign exchange company Thomas exchange global (TEG).

It is clear that the acquisition is estimated at £ 10 million (€11.2 m).

Tag has more than one million customers through its 15 branches in London.

Deal in the company’s eight acquisition in the UK in 2012, this means that now Fexco has 12pc share of about £9 billion in the foreign exchange market in London.

“We are very pleased to have acquired a business with a reputation and achievements, tag London’s largest foreign exchange retailer,” Joe Redmond, Director of retail foreign exchange, Fexco, said.

  • Read more: firm FINTECH Fexco to create 175 new jobs in the South-West in the Irish SHK

“The deal reaffirms our belief in the future of money and incomparable role it plays in balanced payments and money portfolio.”

The retail Department at Fexco foreign exchange market now employs 500 people, serving the travel expenses amounting to more than four million customers in the UK and Ireland wide network of 125 branches.

Commenting on the acquisition, Sakthi Ariaratnam, CEO of tag, said that the deal presented a “fantastic opportunity” for the two companies to “further capitalise on the significant opportunities that exist in the national and international financial markets.”

Today, founded in 1981, Fexco employs more than 2,300 people in the group. The company has offices in 29 countries of Europe, the Middle East, Asia Pacific, North America and Latin America.

Last month, Fexco announced the creation of 175 new jobs at its headquarters in Killorglin, County Kerry.

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