Irish financial services group Fexco has announced its biggest ever corporate deal in the UK, with the purchase of London based specialist foreign exchange company, Currency Exchange Corporation.
The deal will see CEC's 36 London branches become part of Fexco's retail foreign exchange operation.
Fexco's retail foreign exchange business is the fastest growing business unit in the Fexco group.
It is on track to serve 1.5 million customers this year as it handles foreign currency volumes approaching £1 billion.
The company is planning to open 20 new branches in the UK this year and Fexco said the CEC deal will see the network grow to 110 branches by the end of this year with staff numbers set to increase to 400.
Joe Redmond, managing director of Foreign Exchange Services at Fexco, said that the UK foreign exchange market is still the most attractive in the world with about 9 billion worth of foreign currency changed annually.
He said that today's news marks another significant milestone for Fexco as it continues it expansion into the UK.
Fexco has operations in 29 countries worldwide. Founded and headquartered in Ireland, the company has a workforce of over 2.300 people across Europe, the Middle East, Asia Pacific, North America and Latin America.
