Kerry-based payments group Fexco has bought a majority stake in New Zealand based Federal Pacific Group for an undisclosed sum.
Federal Pacific provides financial services in ten territories of the South Pacific, including New Zealand, Fiji, Tonga, Samoa and East Timor. It is also an agent for Western Union Money Transfer in these countries.
Fexco's executive chairman Brian McCarthy said he believed the considerable experience and expertise developed since its foundation in 1981 would contribute to further expansion of Federal Pacific's interests.
