Currency Exchange Corporation acquired by financial services firm FEXCO
Purchase of the London-based foreign exchange services provider will see FEXCO add its 36 branches to its chain
Currency Exchange Corporation (CEC), a London-based foreign exchange company, has been acquired by Irish multinational financial services provider FEXCO.
Founded by Mike Cooke in 1999, CEC provides travel money, international payments and money transfer services online and from its 36 London-based branches.
The acquisition will see CEC’s London locations become part of FEXCO’s retail foreign exchange operation, growing the Irish firm’s network to 110 branches by the end of 2016. Cooke and CEC will continue to work with FEXCO as partners in the retail foreign exchange market.
Cooke commented: “I greatly look forward to working with the team from FEXCO as part of this exciting venture.”
Joe Redmond, managing director of foreign exchange services at FEXCO, added: “The UK foreign exchange market is still the most attractive in the world with approximately £9billion worth of foreign currency changed by FX operators annually on behalf of customers.
“CEC has developed a prominent position in the London market and a very strong reputation amongst customers based on value and service, two core values which are also very important to FEXCO making this acquisition a natural fit for us.”