Company type | Private company |
---|---|
Industry | Financial services |
Founded | 1981 |
Headquarters | , |
Area served | Europe, Middle East, Asia, North America, Latin America, Australasia |
Key people | |
Products | Foreign exchange |
Number of employees | ~2,500 [3] |
Website | www |
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]
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]
A stockbroker is an individual or company that buys and sells stocks and other investments for a financial market participant in return for a commission, markup, or fee. In most countries they are regulated as a broker or broker-dealer and may need to hold a relevant license and may be a member of a stock exchange. They generally act as a financial advisor and investment manager. In this case they may also be licensed as a financial adviser such as a registered investment adviser.
HSBC Holdings plc, acronym from its founding member The Hongkong and Shanghai Banking Corporation, is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA).
The Central Bank of Ireland is the Irish member of the Eurosystem and had been the monetary authority for Ireland from 1943 to 1998, issuing the Irish pound. It is also the country's main financial regulatory authority, and since 2014 has been Ireland's national competent authority within European Banking Supervision.
Bank of Ireland Group plc is a commercial bank operation in Ireland and one of the traditional Big Four Irish banks. Historically the premier banking organisation in Ireland, the bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Governor and Company of the Bank of Ireland, the ancient institution established by royal charter in 1783.
Euronext Dublin is Ireland's main stock exchange, and has been in existence since 1793.
Anglo Irish Bank was an Irish bank headquartered in Dublin from 1964 to 2011. It began to wind down after nationalisation in 2009. In July 2011 Anglo Irish merged with the Irish Nationwide Building Society, forming a new company named the Irish Bank Resolution Corporation. Michael Noonan, the Minister for Finance stated that the name change was important in order to remove "the negative international references associated with the appalling failings of both institutions and their previous managements".
Ulster Bank is a large retail bank, and one of the traditional Big Four Irish clearing banks. The Ulster Bank Group was subdivided into two separate legal entities: National Westminster Bank Plc, trading as Ulster Bank ; and, until April 2023, Ulster Bank Ireland DAC. Prior to the closure of Ulster Bank in the Republic of Ireland in April 2023, the headquarters of Ulster Bank in the Republic of Ireland were located on George's Quay, Dublin, whilst the headquarters of Ulster Bank Northern Ireland are in Donegall Square East, Belfast, and it maintains a large sector of the financial services in both the UK and the Republic of Ireland.
Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in the Republic of Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, travel and car. It offers life insurance and pensions through its tied agency with Irish Life Assurance plc.
M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Northern Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.
Shane Peter Nathaniel Ross is an Irish former Independent politician who served as Minister for Transport, Tourism and Sport from May 2016 to June 2020. He was a Teachta Dála (TD) for the Dublin Rathdown constituency from 2016 to 2020, and previously from 2011 to 2016 for the Dublin South constituency. He was a member of Seanad Éireann for the Dublin University from 1981 to 2011, until his election to Dáil Éireann at the 2011 general election.
Dynamic currency conversion (DCC) or cardholder preferred currency (CPC) is a process whereby the amount of a credit card transaction is converted at the point of sale, ATM or internet to the currency of the card's country of issue. DCC is generally provided by third party operators in association with the merchant, and not by a card issuer. Card issuers permit DCC operators to offer DCC in accordance with the card issuers' processing rules. However, using DCC, the customer is usually charged an amount in excess of the transaction amount converted at the normal exchange rate, though this may not be obviously disclosed to the customer at the time. The merchant, the merchant's bank or ATM operator usually impose a markup on the transaction, in addition to the exchange rate that would normally apply, sometimes by as much as 18%.
Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. Two families, the Kleinworts and the Bensons, founded two different merchant banks in London. They merged in 1961 to create Kleinwort Benson Lonsdale, later Kleinwort Benson. Following its acquisition by Société Générale in June 2016, it was merged with SG Hambros, already a subsidiary of Société Générale, to form Kleinwort Hambros in November 2016.
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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 of the Irish Stock Exchange and a SETS participant of the London Stock Exchange. The company has offices in Dublin, London, Galway and Cork. It employs over 300 people and sold its 26.2 per cent of the Irish Stock Exchange in 2018.
Seán FitzPatrick was an Irish banker who was chief executive and then chairman of Anglo Irish Bank, until he resigned in December 2008 amid mounting revelations over hidden loans. The scandal precipitated a collapse of the bank's share price which in turn led to its nationalisation on 21 January 2009. He was declared bankrupt in 2010. He was later prosecuted but acquitted of any criminal offence in relation to his role in the banking crisis.
The National Asset Management Agency is a body created by the government of Ireland in late 2009 in response to the Irish financial crisis and the deflation of the Irish property bubble.
Kilcummin is a Gaelic Athletic Association club from Kilcummin, near Killarney in County Kerry, Ireland. The club, which was founded in 1910, fields teams in Gaelic football only, with no hurling played. Together with 12 other football clubs, they form the East Kerry Division of Kerry GAA. The East Kerry board runs its own competitions for clubs within the division, including the East Kerry Senior Football Championship and the East Kerry Junior Football Championship.
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CurrencyFair is an online currency exchange platform that until 2023 offered a peer-to-peer currency exchange service. CurrencyFair is headquartered in Ireland and also has employees in the UK, Australia, Greece, Hong Kong, Poland and Singapore. The company has established working sectors in Newcastle (UK), New South Wales (Australia), Singapore and Hong Kong. CurrencyFair provides international money transfers in 20 global currencies.
In 2016, Currency Exchange Corporation was acquired by Fexco Ltd
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