FEXCO has announced its largest ever corporate transaction in the UK with the acquisition of London based specialist foreign exchange company, CEC.
The acquisition will see CEC’s 36 London branches become part of the Killorglin based financial services provider’s foreign exchange operation in the UK.
FEXCO’s retail foreign exchange business is now on track to serve 1.5 million customers and handle foreign currency volumes approaching £1 billion (stg.) this year.
Since the acquisition of ‘No.1 Currency’ in 2012, FEXCO have added a further 39 locations have been added to its network.
An additional 20 branch openings are planned this year.
This latest acquisition will see their network grow to 110 branches with staff numbers set to increase to 400.
John Redmond, MD of Foreign Exchange Services at FEXCO, said this was a “significant milestone”, positioning them as owners of the largest independent retail foreign exchange business in the UK.
FEXCO employs over 2,300 people across Europe, the Middle East, Asia-Pacific, North America and Latin America.