Fexco growing share of the London FX market with £10m swoop

  • Fexco growing share of the London FX market with £10m swoop
    Independent.t. E.
    FINTECH company Fexco has acquired London Thomas exchange global (TEG).
    https://www.independent.ie/business/irish/fexco-grows-share-of-london-fx-market-with-10m-swoop-37220372.html
    https://www.independent.ie/incoming/article37220685.ece/1b14a/AUTOCROP/h342/app-fexco.jpg

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FINTECH company Fexco has acquired London Thomas exchange global (TEG).

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

Tag has more than one million customers through its 15 branches in London making it one of the largest currency specialists in the UK capital.

The deal, Fexco eighth acquisition in the UK in 2012, means that it now has a 12pc share of about £9 billion foreign currency 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.

“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 by a network of 125 branches.

Shakti 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.”

Founded in 1981, Fexco today employs over 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 has agreed a deal, you know, for €150 million to sell Goodbody Stockbrokers for Chinese investors.

In 2016 Fexco reported a profit of €304m.

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